I understand why you feel there are pauses in the track but to me Pugliese seems to be playing with us. The pauses and slowing down of the music seems to have a quality of suspended waiting (rather than a definite pause) allowing the maximum amount of contrast within the track between the way you would normally dance Vals, flowing swirls and the almost stillness of suspended movement the pauses dictate. To me there is an expectation of movement within the pause that is not there in normal pauses in most other music.
The music is a "regular" vals with no tempo change at all, and not very slow.
Pay attention to what happens to the music in 2:00-2:04 and in in 2:16.
I don't want to know if you define them pauses or what kind of pauses, but: how would you dance those parts? Would you mantain the flow, for example with giros, or do something like what did Gavito, or something else?
My personal opinion is that in those parts that I mentioned, there is no other option than following the melody (like Gavito, possibly with different movements).
The rest of the song could be danced following the melody or following the rhythm (which means maintaining the flow, no pauses, etc.)
(Disclaimer: I am asking for opinions, this is not an exam and there is no "right" answer)