The sanskrit passage you quoted in the question for the translation request is from Shree Madhvacharya's sanskrit commentary on Mandukya Upanishad Chapter -1, Kārikās – 6 to 9 . Which are as follows.
प्रभवः सर्वभावानां सतामिति विनिश्चयः ।
प्राणश्चेतोंऽशून्पुरुषः पृथक् ॥ 1.6॥
There is no doubt whether Vishnu is the energizer of all the emotions
(creatures). The noble ones were thus assured .those who think
otherwise are the ignoble. Being the energizer of all, Primal Breath
takes upon the task, Narayana remaining to be the supreme.
विभूतिं प्रसवं त्वन्ये मन्यन्ते सृष्टिचिन्तकाः ।
सृष्टिरन्यैर्विकल्पिता ॥ 1.7॥
Creation is conceived through modification, thus think the thinkers of
creation. Creation is formatted as in a dream, think other thinkers of
इच्छामात्रं प्रभोः सृष्टिरिति सृष्टौ विनिश्चिताः ।
भूतानां मन्यन्ते कालचिन्तकाः ॥ 1.8॥
By mere Will of the Lord is this Creation, thus have others concluded
; evolved by Time is this creation, thus consider the protagonists of
भोगार्थं सृष्टिरित्यन्ये क्रीडार्थमिति चापरे ।
स्वभावोऽयमाप्तकामस्य का स्पृहा ॥ 1.9||
This world is for enjoyment (of the Lord) say some, others consider it
for (His) diversion. Both these are but his attributes, what indeed is
there for self-satisfied one to have desires ?
And here is the English translation of your sanskrit passage which is Shree Madhvacharya's sanskrit commentary with english translation . Sri Madhva Mandukya Upanishad By: Nagesh D. Sonde
- PDF -Page 14.
तां सृष्टिं बहुधा प्राहुः ज्ञानिनोऽज्ञानिनस्तथा । विष्णर्विकृतिमायाति
महदादिस्वरूपीणीम् । तत्तद्विविधभूतिरस्तु सृष्टिः प्रोक्ता ह्यपण्डितैः
। स्वप्नमायासरूपां च केचिदज्ञा जनाः विदुः ।
अविकारस्यचिन्मात्रस्वेच्छयैवाखिलं जगत् । उत्पद्यत इति प्राज्ञाः
प्राहुर्ब्रह्मादयोऽखिलाः । पूर्णशक्तेः कुतो माया सर्वज्ञात् स्वप्नवत्
कुतः । सर्वदोषव्यतीतस्य विकारः कुत ईष्यते । तस्मादेवाविकारस्य
विष्णोरिच्छावशादिदम् । यथार्थमेव संभूतमिति वेदवाचोऽखिलम् ।
केचित्कालात् एवैतां सृष्टिमाहुरकोविदाः ।
केचिद्रुद्राद्ब्रह्माश्चप्रधानादिति चापरे । विमूढाः सर्वे एवैते यतो
नारायणः पराः । सर्वकर्ता सर्वशक्तिरैक एव न चापरः । प्रधानकालब्रह्मेश
सर्वेऽपि तद्वशाः ॥
This creation is spoken variously by the wise as well by the ignorant
ones. It is the manifestation of Vishnu’s formative power (maayaa)
giving shape to Mahat and others elements, say some wise ones;
Creation the form of an illusion seen in dreams say other ignorant
ones. For the formless One, the entire creation is possible to
manifest by mere Self-Will, Brahma and all others having been thus
evolved, say some wise ones. For one who is allpowerful how can there
be illusion; for one who is Wisdom personified how can there be
objects as in a dream? For one who is devoid of any defects, how can
there be any deformity ? Therefore, free from any defects is this
Creation, subservient to Sri Vishnu’s Will. Creation is authenticated
by many statements of Vedas. Some ignorant ones argue that out of Time
has Creation has come to be evolved ; some consider it to be from
Rudra, some others from Brahma and still others from Prakriti. Fools
are all these, when Narayana alone is the Supreme, all-powerful
Creator and no one else, Time, Brahma, Shiva and all others being
subservient to Him.
Brief Summary of Shree Madhvacharya's point of view in above passage. -:
Basically here Shree Madhvacharya advocating his Dvaita theory through this commentary and is praising Vishnu or Narayana and is saying that Narayana or Shree Vishnu alone is the supreme being and sustainer , energizer of the universe . This all creation is Shree Vishnu's will .
He is also in his the passage quoted by you refuting the other competitive philosophies like Shankara's Mayavada. Theory of Creation of the universe from Prakriti or(nature) or from deities like Rudra and Brahma and all of these are subservient of Lord Vishnu. And all this creation is Leela of Narayana.
Here is Mandukya Upanishad