I want to give a context interpretation of the myth.
That youth will fly high ignoring advice and takes risks, as the other answer says, is the first level, "listen to your elders".
The long term result, (moral for the present day?) is that this youth is remembered over millennia and his name was given to a sea, so there was some recompense to the bad outcome of the risk.
My main observation is that fortunately for humanity's youth, and people who remain young in mentality, they do take risks. Had Icarus not dared to fly higher than caution, there would have been no myth and no Icarian sea.
Had the wings not melted, (50/50 chance of deterioration?) gliders would have been discovered thousands of years ago).
The present moral should be: listen to your elders precautionary instructions, and use forethought before risk taking. Suppressing risk according to the dictates of the elders would lead to a static society.