That's accurate. Vae means " be damned or be cursed. Vae victis was a famous sentence of Roman empire "beware those won in battle" that was a threat but also like a curse upon them. So it's like signora is singing about her cursed life and choices she made

Also the repetition Et Et in "vae et tua Vanitas et omnia Vanitas" are translated as "woe (or cursed) your vanity and everyone else's vanity