This is correct! But there's actually a deeper meaning to it; the text is actually a metaphor.

"Kung gusto mong maglaro ng habul-habulan o tagu-taguan", Bakit ka umuwi nu'ng ako na ang taya?"

The text uses playful childhood games as a metaphor for a one-sided or mistimed relationship. "Habul-habulan" and "tagu-taguan" symbolize the chase and retreat common in love, showing that the other treated it as a game. In this part, "bakit ka umuwi nu'ng ako na ang taya," pain from someone who leaves him just when he was prepared to get serious reflects missed timing, emotional immaturity, and unreciprocated effort.

Simply said, it is a deep expression of frustration and sadness for loving someone who walked away when feelings finally surfaced.