• ariṇā — by His disc
  Instrumental of ari (here = Sudarśana, the 'enemy-cutter'). The word pun continues: in verse 16 arayaḥ named Pauṇḍraka's army; here ari names the disc that cuts them. The enemies are cut by 'the enemy.'
• ākrīḍanam — the playground
  From ā-√krīḍ (to play). Śiva's smaśāna is His playground — the place where Bhūtapati dances among the cremated. Gauḍīyas read this image as a sober reminder: every battlefield, every cremation-ground, is finally Śiva's līlā-bhūmi, and Viṣṇu and Śiva are not at variance — though their worshipers in this chapter are.
• bhūta-pateḥ — of the Lord of ghostly spirits (Śiva)
  Compound: bhūta (being, ghost) + pati (lord). A specific epithet of Śiva. The verse pulls Śiva back into view just before the abhicāra-segment begins — Śiva is the one whose territory the battlefield resembles, and Śiva is the one Sudakṣiṇa will worship to retaliate.
• manasvinām — to the wise
  Genitive plural of manasvin (one who has mind, equanimity). The Bhāgavata's term for those who can look at a field of corpses and see tattva. Gauḍīyas align manasvī with the dhīra of BG 2.13–15 — the one who is not shaken by transformation.
• moda-vaham — bringing pleasure
  Compound: moda (joy) + vaha (bearing). Vyāsa says the carnage gives moda to the wise — not because they delight in death but because they see the structural beauty of the Lord's removing of pretension. The line is harsh, the doctrine exact.

• Can I welcome the painful dismantling of my illusions?
• What does it mean to see destruction of falsehood as mercy?

A battlefield strewn with the wreckage of bodies — chariots, elephants, men, mules — has the look of Bhūtanātha's cremation-ground, where Śiva dances. The wise read both grounds the same way: as the demonstration that bodies are not the self, and only Bhagavān's service outlasts the dissolution.