The only Hebrew word I knew the specific meaning of (besides "lo") was "milchama" ("war" or "battle"), but I did know the Old Testament texts from which the song was taken & what the song was basically saying.

I sing this song all the time, usually at Jewish retirement communities, but not necessarily at this time of year.   In fact, I have a "shalom" medley which I routinely do for Martin Luther King Day programs, and this song is part of the medley.   (I don't include the English "Love to your neighbor ... " part that I think someone added later, because it doesn't fit well with the medley.

The other two songs I use in the medley are "Hevenu Shalom Aleichem" and "Shalom, Chaverim."

(I know that Shalom, Chaverim, is often - usually? - translated as "Farewell, Friends," and it is kind of a parting song, but the greeting/farewell "shalom" does mean "peace," so it fits well with the other two songs.