The blow-up $\tilde{X}$ of $\mathbb{A}^3$ at the line $\ell: x_1=x_2=0$ is by definition the closure in $\mathbb{A}^3 \times \mathbb{P}^1$ of the graph of the function $f: \mathbb{A}^3 - \ell \rightarrow \mathbb{P}^1$, that takes a point $(x_1,x_2,x_3)$ to $(x_1:x_2)$. As it turns out, $\tilde{X}$ is the closed set of $\mathbb{A}^3 \times \mathbb{P}^1$ given by the equations $x_1 y_2 = x_2 y_1$. The exceptional set of $\tilde{X}$ is isomorphic to $\mathbb{A}^1 \times \mathbb{P}^1$.
Question: The exceptional set of the blow up of $\mathbb{A}^3$ at a point is isomorphic to $\mathbb{P}^2$, which is interpreted as the directions of all lines in $\mathbb{A}^3$ through that point. What is the analogous interpretation of the blow-up described above? In particular, how can one understand the geometric meaning of its exceptional set?