oh, [significance] and [existence] are that long, heavy, and cumbersome?? hum...
I'd like to point out that [意義(igi)] is a little heavier and less-colloquial than [意味(imi)]/[meaning].
Above all, I think most of Japanese people would feel these two lines
> watashi de aru imi wo
> sonzai susu igi wo
a little philosophical although no jargon is used here.
Regarding [躊躇う] or [迷う], I have an impression that [躊躇う] is used in a situation you have something you want to do but you can't do it actually. So, I think [躊躇う] fits well with [hesitate].
[迷う] has a broader meaning. You can use it when you lost your "physical" way to go. You can also use it when you are uncertain and cannot decide easily what to do.
In the context of ayu's original lyrics, I felt that this line
> mou mayottari shinai
is conveying broader meanings than [躊躇う]. (and of course she's not talking about "physical" roads/ways.)
In this way I thought [waver] is a good word. But I'm sure I may be wrong about the nuances of English words.
I'm really addicted to this song and happy to discuss its lyrics
