I thought "status" normally refers to one's condition. But does it also mean "rights" or "qualifications" as well?

What's the main difference between being "small" and "compact?"

In this context, to be "compact" means to take up little space (compared to other things) or to be neatly arranged in a small space. It's usually used in a positive way to express the utility and convenience of something that is small. In comparison, "small" is an adjective used to describe size only. Ex: This backpack is too small to fit all my books. Ex: The company is trying to develop a smaller-sized battery. Ex: My portable battery is compact and convenient to carry around. Ex: For people living in highly-populated cities, a compact car is a better choice than SUVs or larger car models.

What's "committed" mean?

"Committed" means to be dedicated or loyal to something, like a cause, activity, event, or job. You can also be "committed" to a person. You made a commitment to something or someone, and you have to follow it through. Ex: I'm very committed to my soccer practice and my team. Ex: We committed 100,000 dollars to charity this year as a business. Ex: She's been committed to this cause for so many years.

What does "lovers" mean in this case?

"Lovers" in this scenario means possible suitors; men that Psyche could date and/or marry. Usually, "lovers" means two people who are already intimate with one another, but since the word "possible" is before it, it shows that Psyche is not dating or with any of these men. Ex: She has had many lovers throughout her life. Ex: The young lovers went to the movies for a date-night.

What is the meaning of "our" here?

"Our" is commonly used in connection with royalty, like the common expressions "our King" or "our Queen." The speaker has likely used "our" to refer to the past kings and queens ruling over his country in the past. "Our" is used to show possession, or to indicate a characteristic that is shared by a group of people (like the viewers of this video, who in this case have had kings and queens as rulers in the past). Ex: Who is our President? Ex: Our mayor introduced a new bylaw today.

What does "consigned to oblivion" mean? Is it a common phrase?

"Consign" means to give someone/something over to someone/something's care. "Oblivion" means a lack of awareness or consciousness. I believe "consigned to oblivion" means to be lost forever; no longer aware of something. In the address, he is hoping that the faults of his country will be gone. It's not a common phrase used in daily conversation but is usually used in funerals when someone dies, i.e., consigned (given over) to the earth.