Bhashya
स यदवोच प्राण प्रपद्य इति व्याख्यानार्थमुपन्यास ।प्राणो वा इद सर्व भूत यदिद जगत् ।यथा वारा नाभौ' इति वक्ष्यति ।अतस्तमेव सर्व तत् तेन प्राणप्रतिपादनेन प्रापत्सि प्रपन्नोऽभूवम् ॥
In plain words
The declaration 'I take refuge in prana' is an introductory explanation. Prana indeed is all created existence, everything that moves in this universe—as will be stated later, 'like spokes in the navel.' Therefore, through this realization of prana, you have attained all; I have become fully surrendered.
Close to the Sanskrit
That which he spoke 'I take refuge in prana' is an introduction for explanation. Prana indeed is all this created being, whatever this universe is. As he will say 'like spokes in the navel'. Therefore you have attained all that very thing through that establishment of prana; I have become surrendered.