The word "I" here refer to Yahweh. Yahweh uses a question to introduce the vision and to draw attention to what he says next. This question can be translated as a statement. Alternate translation: "Look at what is happening here" (See: [[rc://en/ta/man/translate/figs-rquestion]])
The abstract noun "terror" can be stated as "terrified." Alternate translation: "The Egyptian soldiers are terrified" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])