Incredibly, I've listened a few more times.

I now believe the last stanza they're singing goes like this:

What a pretty scene on the village green,
Whe-e-re the prince was wed to Angeleen!
Now she’s a princess, she's a bloody mess.
P-o-o-r little Angelyne!

I must say that what I've written as "Angeleen" sounds a lot more like a nonsensical "andoreen," but I can't imagine what else would fit.

Possibly, "he" is the "bloody mess" at the end.

But hey, it's a folk song. It even switches from "Angeleen" to "Angelyne."