Both in the actual subject, a "King," and the ego surrounding it, (and so from a superficial level is perfect to hear when he's on screen), but also in actual lyrical meaning.
"Watch your tongue or have it cut from your head
Save your life by keeping whispers unsaid."
The opening lines talk about suppression and oppression, which Scourge gives on others with the aptly named Suppression Squad, but also personally FEELS as a person of Hollow Fate, bound by the chains of reality. Additionally, Scourge's fragile ego forces those to watch how they speak to him, lest he take out his wrath upon him.
"Children roam the streets, now orphans of war."
Scourge is an orphaned child, born of war. Not a war of his world, but Sonic's. Sonic's world had a Great War, and thus forced the Great Peace to exist on Moebius, killing the Anti-Mobius. As such, when Scourge did his takeover mirror, he jumpstarted violence, via killing his own father (and likely his mother). Furthermore, the violence that he kickstarted came after King Maxx's Great Peace, which was what caused the suffering. He is both a literal and metaphorical child of War at a King's hand, Maxx's, Max's, and his own.
"Bodies' hanging in the streets to adore."
Death and violence for a King's amusement. Obviously, Scourge's.
"Royal flames will carve a path in Chaos
Bringing Daylight to the night."
Literally Scourge. Royal Flames, as in Scourge with his flaming jacket, carves a path in the power of Chaos by forging his own identity with the Master Emerald buff. Additionally it doubles as the literal meaning the song intends, because after this Scourge wreaks carnage. Additionally-additionally, bringing 'Daylight to the Night' is very clearly in reference to the flames of ruin they'll bring to people, but also serves to juxtapose who Scourge is from his source--Sonic. Daylight (The opposite of Night) at Night (Sonic), when it SHOULDN'T exist. It's a microcosm of his existence and why he's broken, because his fundamental concept is wrong.
"Death is riding into town with armor.
Come to take all your rights."
Again, Scourge. Sonic is King Arthur, to uplift, (yes, Archie has Camelot and Sonic experienced it, PRE-GEN), and Scourge is as such his opposite, riding Death. Additionally serves to reference the Super Form, the invulnerable armor of power and his rampage. Additionally-addltionally references his facade he wears to cover up his own insecurities as he revokes the freedom of others.
"Hail to the King" (Chorus)
Literally on the tin. Scourge demanding his respect, regardless of the suffering that causes ("Standing in the Sun"). It also references his own perception--He is the Sun of his own world, deserving of praise.
"Blood is split holding keys to the throne."
Scourge slaying his own father and banishing Max to the Zone of Silence for the throne. Additionally, Scourge has to forcibly be removed-"Blood split" for others to gain the throne back.
"Born again, its too late to atone."
Scourge himself. He is Sonic reborn in a negative reality, and it's not possible for him to atone because he's broken on the foundation of existing. It can also be read more literally, as him not capable of being redeemed, in which he is. So long as Sonic decides to be good, Scourge is forced to be Evil, so he cannot change for the better. We see this happen in Lockdown. He gets a mirror conversation to Sonic when they're both low, and once Sonic finally decides to be a Hero again, so too does Scourge regain his courage to act like a villain. You can also read this as an observation of the Lockdown arc itself. Scourge almost gets redeemed, but born again into his evil, thanks to Fiona getting in his head, it's no longer possible. He's given up on atoning in general.
"No mercy from the edge of a blade.
Dare escape and learn the price to be paid."
Double meaning. Those who tried to escape Scourge and get all of Mobius to jump him in his arc paid dearly. Patch got an eye ripped out, O'Knux was soundly humiliated, etc. etc. Its so bad that when Super Scourge looks at Miles, the boy is unbelievably terrified and BEGGING FOR HIS LIFE. And Scourge wasn't going to let him have it, only "stopped" by being distracted. However, the flip side is once Scourge escaped his own prison in Lockdown, the Super Genesis Wave rewrite happened and Scourge himself got no mercy, paying the price and being removed from existence.
"Let the water flow with shades of red now."
Pretty self explanatory. His brutal nature. Beyond that, if it's referencing genocide (mass death that spills blood into water), then it's the genocide of all Moebians from reality. Of which Scourge was the face of.
"Arrows black out the night."
A statement on firepower, and Scourge's is immense. He outright was double Sonic, and Super Scourge is likely stronger than Super Sonic, making him one of the strongest characters in the entire setting, PERIOD. Plus, it also refers to the prior juxtaposition of "Fire" and "Night", but instead it's Scourge blacking out the Night. His power going to kill Sonic, yes, but if you recall the conversation from before Sonic briefly considered before being reaffirmed in his heroism, it's also Scourge wanting to CORRUPT Sonic. If you recall, Scourge offers repeatedly to Sonic to be twin Kings over the Multiverse. If he brings fire and darkness to night, he's essentially corrupting the night itself. Corrupting freedom, which the song says the King, Scourge, is against.
"Death is riding into town with armor.
They've come to grant you your rights."
Scourge does exactly this. He comes into Moebius and bestows upon everyone a new name that separates them from the Prime reality, granting a twisted version of freedom. It also serves to reference the first bit, where Scourge takes them away, equating them, which is essentially the case. Additionally, Scourge's rule is total Anarachy, pure freedom (through suppression), and thus he has literally granted you rights. All rights. You can do anything you want, so long as you have the power and desire to see it through.
(Chorus again)
Same stuff.
"There's a taste of fear
When the Henchmen Call.
Iron Fist to Tame the land.
Iron Fist to claim it all."
Scourge's Suppression Squad are his henchmen, invoking fear. The Freedom Fighters and Sonic act as the Squad's in their desire to take down Scourge, invoking Scourge's fear. And yet all the same Scourge's iron fist is what prevails, taming the land (Moebius) and soon targeting the Multiverse (All).
(Chorus one last time.)
Same stuff.
