This song is special because with the whole play about Hamilton, we finally get to learn about his rival, Burr. The title of the song itself is Wait For It, which seems to accurately reflect Burr's philosophy of not being rash (unlike Hamilton).
Not all lines of the song have a specific meaning, but they accumulate together to deliver a message. Burr's mother and father were both great people, but they both died when Burr was just 2, leaving him orphaned. Burr's 2 grandfathers died as a result of smallpox, and his maternal grandmother also died. He wanted to marry Theodosia but she was already married to a British officer. Throughout his life, there were so many events that were outside his control, which led him to develop a habit of wanting everything to be under his control first before acting, hence the line "I am the one thing in life I can control".
This is where he develops his philosophy to wait for it. To other people (especially Hamilton) Burr might seem to just be hesitant or scared, but according to Burr, he is "not falling behind or running late"; he is simply planning and calculating so things won't go wrong, like the death of many of his family members did. Even though Burr firmly believes in his own philosophy, he also acknowledges that Hamilton's principles are fruitful as shown in the lines "Hamilton doesn't hesitate/He exhibits no restraint/He takes and he takes and he takes/And he keeps winning anyway/He changes the game/He plays and raises the stakes."
Hamilton and Burr are both on the extreme ends of the spectrum, with one being very rash and bold, while the other is very hesitant and calculated. Both of them are inherently good and wants to help their country, but they are also very flawed and unbalanced in their thinking. Hamilton plays with high risk and high reward, while Burr is not even playing as he is too hesitant to even take any actions (a reference to The Room Where it Happens).