However, I've never heard of lyrics being used as data or metadata for determining similarity of tracks.
For one thing, it's not necessarily a common use case. I did college radio and we would do themed shows where all the songs are about food, for example, but 99% of the time of I listen to a song that happens to mention ice cream, I don't want/need the next song to mention ice cream.
On top of that, it's not obvious what type of lyrical similarity is desired. Do you want to match lyrical sentiment? (Happy songs with happy songs, whether they're about girls or cars or cooking) Or theme (relationship songs, positive or negative) or words in common or phrases in common.
It's definitely an interesting idea that I'd love to see toyed with, but I'm not surprised that its not, given how much effort it might be for an unclear and possibly uncommonly desires result. Not to mention that Spotify usually doesn't have a canonical source for lyrics of a given track anyway.