What does the German part in "Feuerroter Pfeil und Bogen"/Guren No Yumiya mean?
Both of the video's seem to get the first part of the lyrics wrong. However, the narrative on the first one, eg. question &gt; answer, is indeed the one they tried to get across.
According to the CD booklet, the song 紅蓮の弓矢 歌詞 by Linked Horizon starts with the following sentences:


Image taken from taken from the full image at Rafaelferrer.info

All though a tad hard to read, the sentences seem to be as follows

Seid ihr das Essen?
Nein, wir sind der Jäger!

Leaving the correctness of the German pronunciation/usage aside, which is nicely covered on reddit, this would roughly translate to:

Are you the food?
No, we are the hunters!