I'm not sure how Audacity's analysis works, nyjm, but there doesn't seem to be anything
spectral about that analysis. It looks like an average of the concentration of frequencies over the highlighted portion of the file.
Mine looks more like
this (screenshot isn't mine, but my results don't vary too widely from that). The X-axis is time. The Y-axis is frequency. Color represents intensity (volume): black is silent, purple is quiet, red is loud, yellow is very loud.
There appears to be some low-frequency drone in the analyzed file here, which stays constant throughout (that bright yellow band along the bottom), as well as some odd but not very intrusive harmonic interference (those three pairs of purple bands, one at 5000hz and 6000hz, one at 12000hz and 13000hz, and one at 18000hz and 19000hz).
As far as the actual song: you can see the low-end of the music starting up before everything else (about :10). The rest of the instrumentation kicks in about :40, and stays pretty constant until it drops back down around 3:35 (from 3:35 to 3:45 is practically silent except for that aforementioned ground hum and those periodic but very thin vertical lines... maybe a hi-hat?), after which the bass part comes in first before the rest of the song kicks in again at 4:10 and stays that way until one last drop in activity about 5:20, and even this ends shortly before the file ends.
I pulled this screenshot from Google Image Search, and I can't find the context, so I have no idea what song is being analyzed here, but I'd be willing to bet (based on the high levels overall) that it was something recorded this decade, and it wouldn't surprise me if it were something hard (or at least heavy), with a very strong bassline. Possibly something like Interpol.
You'll notice that the low-end is nearly white from about 3:00 to 3:30, which might be causing some clippage in the actual song. If this were my file and I thought that section sounded too oversaturated or otherwise problematic, I would look at the spectrogram and see that there's a ton of sound in the bass. this would help me figure out where to reduce volume.
Obviously, and as per JB's comments, if nothing sounds wrong, then a visual imbalance in the spectrogram alone is no reason to tinker. But as a diagnostic tool, it's quite useful.