Hi chanchan! Not that easy! Is that piece of music really a tango?? Or is it perhaps Milonga? Or does the composer did not knew it, and even left it suspended?
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 signature is 2/4 as it was usual in the guardia vieja. That doent mean anything. We already wrote here about the feel of 2/4 vs. 4/4 tangos (actually cant find the link).
The rhytm is clearly the habanera, as usual in tangos before 1920. In fact this piece was written in 1916.
Concerning the dancing: A minority dances like what we today would call Milonga. The rest is dancing Orillero. And Orillero was the playful variant of Canyengue.
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.