I am not manifest to all, enveloped by My own yoga-māyā. This deluded world does not know Me, the unborn and immutable.

Kṛṣṇa is not evident (na prakāśaḥ) to sarvasya (everyone). He is covered (samāvṛtaḥ) by yoga-māyā — divine energy that conceals and reveals according to His will. It is not ignorance, but mysterious power.

Result: mūḍhaḥ lokaḥ (confused world) does not know Kṛṣṇa as aja (unborn, eternal) and avyaya (immutable). They see Him as a historical figure, not as absolute Divinity.