The text of SN 12.15 is repeated in SN 22.90 - Channa - where, again,
the context is about right view.
Channa complains that he does not "see the Dhamma". Ananda recites
SN 12.15 to him, and as a result Channa says " ... I have made the
breakthrough to the Dhamma."
In other words, he has become established in right view.
Channa's description of his problem does seem, to me, to show that he
has a difficulty in understanding the (apparent) present self.
One possibility is that Channa's problem results from regarding the
self as being real, with consequent anxiety about the loss of this
real self. The SN 12.15 teaching can be understood as showing that
the apparent self is mind-fabricated, and therefore, nothing real.