Kristoff, a woodsman, sings ''Lost in the Woods'' literally because he's disoriented in the forest and metaphorically because he's not sure where he stands with Anna romantically. Thus, the lyrics: ''You're off on a different path, I'm left behind … Now I know you're my true north ...''
As others have noted in this thread, the Lopezes are also spoofing '80s power ballads (i.e., Peter Cetera, etc.).
If that weren't clear enough, there's the instrumentation of the song and its animation as a music video in the movie.
P.S. This lyric includes ''left behind,'' which could reference Groff's Act II solo in ''Spring Awakening'' or is just a happy coincidence.