It is metaphoric indeed! I’ll try to shed some light into the details
If you wish for the most concise explanation: Knight and bleeding heart is a literal depiction of a bleeding heart, a person who is ‘too soft’ or ‘gives too much of themselves’ often at expense of themselves.
The sword: not that interesting of a detail, I just see swords being beautiful and terrifying (and often an extension of self and manhood in knight romanticism). Instead, the point here is the wound and the scars. The cut is fresh, but there are similar ones healed beside it, suggesting that this act of falling in love and bleeding one’s heart out is not new to Wreg – rather he does it with determination.
tapestry and armor: The tapestry depicts two knight kissing under the stars – something that happens in private and in secret. Wreg’s armor reflects a man, perhaps in armor as well. His outline suggests he’s wielding a sword as well (here again referring to the fact of sword being something more than a sword). Thing is, Wreg is a romantic, who wants desperately to love and be loved, but he’s also a realist – in that setting and his position finding lasting companionship like he wants is difficult, dangerous, and often perceived as impossible. So, he settled to satiate his wants and needs in different ways, yet in process often falling in love with these men who wouldn’t/couldn’t love him back.
The codpiece to me is a pinnacle of knight homo-eroticism and I can’t explain that one further lol