Tiempo is Ozuna admitting he has a problem, and the problem is partying.
It opens with a confession: "Me puse a dedicarte tiempo, tiempo del que yo había perdi'o" (I started giving you time, time I had wasted). Then he shrugs: "Estoy solo y ahora eso es un lío" (I'm alone and now that's a mess). Instead of fixing it, he heads straight back out: "Porque salgo pa' la pista, pa'l party" (Because I go out to the dance floor, to the party). Pa' is the everyday spoken shortening of para (for, to), and you will hear it in almost every reggaeton song.
The verses are pure bragging. He is "suelto de party por Miami" (loose, partying around Miami), out "jangueando en Dubái" (hanging out in Dubai). Janguear is Puerto Rican Spanglish built from English "hang out", a great word to steal. "Yo soy la movie" (I'm the movie) is slang for "I'm the main event", and "no me la vendan" (don't sell it to me) means "don't try to fool me". There is a sweet bit too: "Mi cubanita quiere que prenda" (my little Cuban girl wants me to light up), where -ita turns cubana into something affectionate.
The hook is the dance floor: "Baila, contigo yo estoy aprendiendo" (Dance, with you I'm learning). And the opening shout "Sky Rompiendo El Bajo" is the producer tag of Sky Rompiendo, which literally means "Sky breaking the bass". Honestly, the song never settles whether he wants her or the party more, and that's sort of the point.