It is a well known tango. You can find the score on TodoTango. Of course Pereya knew what he was doing. Here you can find some information about him. If you listen to D'Arienzo's version you will probably have no doubts that this is a tango. I cited this video to show that every orchestra can give a different feel to the same piece. The piece is written as 2/4. The feel (in the video that I cited) is actually 2/4. The rhytm is clearly the habanera, as usual in tangos before 1920. In fact this piece was written in 1916. Basically it is milonga with "cortes y quebradas". Probably Orillero is the best term if we really want to give a name to this style of dance, but this is not the point. The point is the "feel" of the dance. I hope you admit this feel reflects the feel of the music. Which is, believe it or not, a tango.