the German transliteration usually is 'falleri, fallera', seldom 'faleri, falera'.

Q may be right about it having no meaning at all, but I have a long shot guess:

'Vale' or 'Valete' is the Latin for 'so long' in the sense of goodbye. In a song about wandering it could be a German rendering of the Latin for Goodbye.

What speaks against this guess is that 'falleri, fallera' comes in a lot of German songs that are not about wandering.

Wolfgang