The usability can be seen if you consider that not all users need this field.
For your workflow: you are free to add the field to
- the columns of the files list and/or
- the tag panel
Doing this reduces the list of yours to just one point:
5 - Finally paste the desired lyrics.
I think that is pretty usable.
If you are not quite sure what to enter when adding a column to the file view:
Enter a decent name like Lyrics.
Value: %unsyncedlyrics%
Field: %unsyncedlyrics%
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