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then they would have swallowed us up alive
This is the end of a hypothetical statement that begins with the words "If Yahweh had not been on our side" in Psalms 124:1 and continues with the words "if it had not been Yahweh who was on our side when men rose up against us" in Psalms 124:2. It describes a result that did not happen because Yahweh was actually on their side. "They were not able to swallow us up alive because Yahweh was on our side." (See: rc://en/ta/man/translate/figs-hypo)
swallowed us up alive
This metaphor describes how the Israelites could have died to how a fierce animal would attack a smaller animal to eat. Alternate translation: "killed us" (See: rc://en/ta/man/translate/figs-metaphor)
their anger raged against us
Here "their anger" refers to the enemies who were angry. Alternate translation: "they were very angry with us" (See: rc://en/ta/man/translate/figs-metonymy)