This is a breakup song told from the side of the guy who never got the girl. The setup is a simple, cheeky comparison: "Él puede regalarte un par de flores, pero no puede hacer que te enamores" (He can give you a couple of flowers, but he can't make you fall in love). The singer admits he can't match the other guy's gifts, but "mato y muero porque vos no llores" (I'd kill and die so you don't cry), which is a lot, and that's the point.
The chorus is where the attitude kicks in. "Por qué lloras, si vos ya decidiste estar sola" (Why are you crying, if you already decided to be alone) is half sympathy, half told-you-so. Then comes the jab: "Tu nuevo rey no tiene corona" (Your new king has no crown), meaning the new guy isn't the prize she thinks he is. "Princesa conmigo estarías piola" (Princess, with me you'd be good) uses piola, Argentine slang for chill, fine, or just right.
Listen for the vos everywhere (vos tenes, vos queres). That's the voseo used in Argentina and Uruguay instead of tú, so it's a great song for hearing it in action. The second verse goes big on romance, with clouds stopping to look at her and the sea left "asfixiado" (suffocated) from not having her. It's over the top, and it knows it. He even offers to take it slow: "estoy puesto pa la espera" (I'm up for the wait), where pa is the casual spoken form of para.
The outro is pure name-dropping, "Alan GZ con el Dúo" (Alan GZ with the Duo) and "Tu vecino nos conoce" (Your neighbour knows us), the artists signing their work.