• ambubhiḥ — and water
  Instrumental plural of ambu. The flood-waters that beat them. Gauḍīyas: the elements of saṁsāra batter the bhakta-pair, but the holding-of-hands is what is asked.
• ambu - samplave — in the flooding
  Compound: ambu + samplava (flood). Pralaya-like imagery — a cosmic-scale word for a forest flood. Gauḍīyas: the Bhāgavatam's grammar reaches for cosmic vocabulary even at small-scale events, because the small scale is the cosmic event in miniature.
• parasparam — each other's
  Same word as v.27 — recurring sakhya-marker. The chapter's central rasa-word: parasparam. Hand-to-hand, eye-to-eye, friend-to-friend.
• gṛhīta - hastāḥ — holding hands
  Compound: gṛhīta (held) + hasta (hand). The image. Gauḍīyas treat this as iconic of the sakhya-rasa: hands clasped, not as romance but as mutual unwillingness to be parted.
• āturāḥ — distressed
  Adjective: afflicted, suffering. Both of them — including the boy who is Bhagavān incognito. Gauḍīyas note: Kṛṣṇa, in His student līlā, fully participates in suffering. He does not exempt Himself.

• Whose hand am I holding through their lostness right now?
• Where do I let go too soon, looking for a solution when company would suffice?

Hand in hand in the flood — the two of them, Bhagavān and bhakta, holding each other through the dark. The whole chapter's image of sakhya is condensed here: not separately surviving but jointly suffering. Mahāprabhu's parikara walks through the same forest in every age.