He says that there are a lot of changes taking place. But he wants to know what place they are being taken. He’s still not sure why the good times have left and where the hell they are.

Applaud Jay, because he actually raps while other rappers blow molly and make trap music. A stack is a stack of money, and Jay’s got enough that he’s okay with spending a grand or too on his competition, still stuck in the trap (crack house).

The tone of the line is light-hearted sarcasm tinged with elitism. Jay’s on his high horse here, criticizing trap music, which is more of an electronic genre than proper hip-hop. Jay sees this trend as weakening “real” hip-hop, like the rap he makes. Trappers are often criticized for playing gutter or ghetto, amping up ig'nant black stereotypes to get applause. This has been likened to the minstrel shows of the early twentieth century by some critics, and Jay might see trap as weakening the public perception of blacks, too.

Ironically, his entire album has trap elements, and some songs (including this one) are filled with them.

Gunplay is exaggerating the idea of white brutality toward African Americans. As slave owners often used to whip their black slaves with a lash. He also drops a pun on the word whip. You can prepare eggs in a whipping fashion in such a way that you can make white yolk. There’s also a pun on yolk/yoke, to continue the slave metaphor.

Whipping work could also be a reference to cooking cocaine.

Thinking about when he was a little kid eating cereal and watching cartoons.

This suggests that he doesn’t have a morning appetite anymore (at least some of the time). Whether this is due to stress, his lifestyle, heavy exercise or (what springs to my mind) the use of stimulants. The later also connoting a transcending of innocence or naivety.