Is Literary Analysis a joke?

I am a graduate student working on an M.A. in English and I have become more and more disillusioned with discussing the meaning of texts. It isn't that I don't find meaning in texts, but that I don't believe I can reasonably find ALL the meaning my professors seem to relish in our classroom discussions. This isn't a question of personal interpretation of texts, but is a question of the usefulness of asking others to see meaning in elements even the author may not have intended to be overtly meaningful.

One of my favorite examples of over analyzing a text is Robert Frost's Stopping By Woods on A Snowy Evening. The last two lines repeat "And miles to go before I sleep...And miles to go before I sleep."

I can just see my professors now...an analysis of this poem would reveal that Frost surely used the method of repetition to cause the last two lines to be impactful. He was making a profound statement simply by repeating the last two lines.

Frost was once asked why he repeated the last two lines. His answer? I ran out of things to say.

Genius.