। ॥ ७२२ ॥
In plain words
While the word 'That' denotes the ultimate reality, the word 'Thou' denotes the empirical soul—one of limited knowledge, bound to a life of sorrow, caught in endless transmigration, and marked by ordinary mundane traits.
Close to the Sanskrit
The meaning of the word 'Tat' and the meaning of the word 'Tvampad' indeed is a knower of a little, whose life is sorrowful, this transmigratory one having that course, the jiva having mundane characteristics.