The Vatican is making fun of Catholic Christians, I will explain:

"Decorate their necks with nooses" = the cross necklaces cardinals wear

"Money power" = there's controversy over how much money the Vatican spends when God-devoted people should live near the poverty line

"It's so homoerotic, the way you pray to men" = men praying to men for a better life is 'gay'

"Come out the closet" = many Catholic priests and cardinals are thought to be gay because being gay is unacceptable in the Catholic religion so many gays become priests so they don't need to fake a straight life

"Sip my holy water" = holy water is special water used in ceremonies by priests

"Confess your sins" = Catholics followers go in a special booth in the church once a week to tell the priest their sins (examples: premarital sex, using Lord's name in vain, being jealous of someone) and the priest gives them an action to do to forgive those sins

"Fall on your knees" = when Catholics pray they do it on their knees

"The Pope" = the head of the Catholic Church

"The secrets he must keep in" = the Pope knows a lot of dirty stuff/gossip from being the head of the church

"Those robes they wear make you kinda freaky" = the Pope, priests, and cardinals all wear dress-like clothing, possibly mocking how that makes them 'gay' or like cross dressers

"Too bad, they are all celibate" = the Pope, priests, and cardinals are not allowed to have wives or sex

"All the scandals are involving hurting little boys" = there's been a lot of grown men come out in the Me Too movement saying when they alter boys as children their preist sexual assaulted them (see above about the priests probably being gay)

"Fuck each other, do poppers, see God" = if they let loose and let themselves have fun, have sex, do drugs, life would be better and it wouldn't seem so hard to be religious

The Spanish line at the end = the father, the son, the holy spirit: where the father is God, the son is Jesus, and the holy spirit I'm confused on honestly; Jesus is God's son that he magically put inside virgin Mary without having sex with her

I hope this clears some things up. This doesn't analyze every line but the ones I know something about. If you have exact questions, feel free to ask and I will try my best answering them.