ذِهِ (Allah had promised you many spoils that you would receive, so He gave these to you sooner - 48:20). The phrase "many spoils" mentioned here refers to the sizeable spoils that fell into the hands of Muslims in the conquests which followed the victory at Khaibar, in the rest of Arabia and the neighbouring countries. This verse embodies a prophecy that Muslims will achieve other great victories after the victory of Khaibar, and in consequence many spoils until the end of the world. However, before those numerous conquests, the conquest of Daibar was given first, the spoils of which were reserved by Allah exclusively for the participants of Hudaibiyah. But the spoils to be achieved in all the next conquest would be common to all. This shows that the injunction of reserving the right of participating in Khaibar is not laid down explicitly in these verses. That injunction was laid down, as detailed earlier, in a separate category of revelation, that is, in the unrecited revelation. The Holy Prophet ﷺ acted upon the injunction and imparted its knowledge to the noble Companions ؓ .
وَكَفَّ أَيْدِيَ النَّاسِ عَنكُمْ (...and stopped the hands of the people from (harming) you. ... 48:20). This refers to the unbelievers of Khaibar. In this battle, Allah did not allow them the opportunity to show much strength or force. Imam Baghawi says that the tribe of Ghatafan was the ally of the Jews of Khaibar. When it heard of the Holy Prophet's ﷺ march against the Jews of Khaibar, it equipped itself with heavy arms to defend the Jews. But Allah infused terror into their minds, and they were worried that if they went forward, it was possible that a Muslim army might attack their homes in their absence. As a result, they got cold feet and did not have the courage to proceed (Mazhari).
وَيَهْدِيَكُمْ صِرَاطًا مُّسْتَقِيمًا (...And (He did this) so that He guides you to the right path.... 48:20) It is clarified earlier (in the commentary on verse 2 of this Surah that there are several degrees of guidance. From that point of view, they were all already guided on the straight path. Here it refers to the degree of guidance which they had not yet attained, that is, full reliance on Allah and increase in the power of faith.