Nasai

(1) "Your greatness": Just as one may seek refuge with Allah's Essence, likewise one may seek refuge with Allah's Attributes, because the Attributes are not separate from the Essence. The intended meaning is the same.

(2) "From beneath": That is, from such a punishment that comes from the earth. And being swallowed up (khasf) is also a punishment that comes from the earth. Earthquake may also be intended. And Allah knows best.

1308. Commentary:

➊ This can also mean that I seek Allah’s refuge from the evil of doing bad deeds and from the evil of not performing good deeds. A third meaning could be that I seek Your protection from the evil of my own actions, as well as from the evil of those actions and things which are not related to my own deeds. This could be the actions of other people or those of Allah Ta’ala, i.e., divine decree (qada wa qadar). A person can also be harmed by the actions of others (for example: their envy, malice, disobedience, etc.). And Allah knows best.

➋ The Prophet (sallallahu alayhi wa sallam) would frequently seek refuge with Allah Ta’ala. Through this, he taught the ummah that one should constantly seek Allah’s protection, because only the ruined and the losers are fearless of Allah’s grasp.

1550. Commentary: That is, O Allah! Grant me the ability to avoid evil deeds, and protect me from the ill effects and punishment of what I have already done, and also safeguard me for the future. Let it not be that I remain misguided and become pleased with it. Sometimes, some people are very proud of their mistakes. A person should rather feel remorse for them and repent.

Benefits and Issues:
There are two types of mistakes:
One is that a person does what should not have been done; the other is that a person does not do what should have been done.
Both types of mistakes have worldly harms as well as harms in the Hereafter.
In this supplication, refuge is sought from the evil of both types of mistakes.

Urdu marginal note:
"Done and not done" — this can also mean that I do not get involved in the entanglement of reckoning and accounting. So forgive all sins. This is an eloquent meaning of its words which is commonly used in general parlance. And Allah knows best.

It is also permissible to seek refuge from the evil of future sins, because after all, their occurrence is decreed. And on the Day of Resurrection, all sins will indeed be present in the record of deeds.