‘Cause we don’t wanna hide no more
Plus you’re not shy no more
Neither of us wanna play the side no more
He doesn’t want to have to sneak around and keep his relationship hidden from everyone. Because “she” isn’t shy anymore, he can finally bring “her” out into the public light.
He also says that neither of them would like to be the side chick/dude/affair of the other person and that would be more of an incentive for them to finally go public with their relationship.
These lines probably recall the girl that he talked about on both Karaoke and in his feature verse on The Zone; not only is she getting used to the fame and the spotlight, but she’s liking it too and she doesn’t want to stay on the sideline anymore.
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