(Verily, we fear lest he should hasten to punish us or lest he should transgress.) They meant that Fir`awn might seize them unexpectedly with a punishment, or transgress against them by tormenting them, when they actually did not deserve it. Ad-Dahhak reported from Ibn `Abbas that he said that transgress here means, "To exceed the bounds."
(He (Allah) said: "Fear not, verily, I am with you both, hearing and seeing.") meaning; "Do not fear him (Fir`awn), for verily, I am with you and I hear your speech and his speech as well. I see your place and I see his place as well. Nothing is hidden from Me of your affair. Know that his forehead is in My Hand, and he does not speak, breathe, or use any force, except by My leave and after My command. I am with you by My protection, My help and My support."
Allah said,إِنَّنِي مَعَكُمَا أَسْمَعُ وَأَرَىٰ "I am surely with you both. I hear and I see." - 20:46) Here the word "with you" is used in the sense of divine help and support which human senses cannot perceive.
Sayyidna Musa (علیہ السلام) called upon the Pharaoh to embrace the True Faith and also to deliver the Bani Isra'il from bondage
This shows that the prophets have the duty of guiding mankind towards their salvation as well as to liberate their people from worldly and economic bondages. Therefore, in this verse Sayyidna Musa (علیہ السلام) is reminded of both these duties.
God created everything; and everything is performing the functions assigned to it by Him
Pharaoh was an extremely haughty and arrogant person. Having acquired power, he had started considering himself to be a god. So Moses feared that when the message of the real God was presented to him, he would flare up in anger. But God’s messengers are under His protection. So Moses was commanded to proceed and to be rest assured that Pharaoh, despite his great might and power, would not be able to do him any harm. The Israelites were monotheists like the Muslims. But, being in the midst of the polytheistic community of Egypt, they were badly affected by its polytheistic culture. Moreover, the rulers had subjected them to such privation and hard labour as to render them incapable of thinking about such higher realities as the oneness of God and the life hereafter. Therefore, Moses was instructed to remove the Israelites from this sphere and settle them elsewhere, so that they could be brought up and educated far away from this vitiating atmosphere of polytheism and ignorance.
Uthmani text of the Madinah mushaf (King Fahd Complex). Translation: Saheeh International. Tafsir via Quran.com.