"Or have they taken protectors other than Him?" meaning: they have indeed done so. "But Allah is the Protector," meaning: the Lord, not the idols. "And He gives life to the dead," while their idols do not give life to the dead.
﴿أَمِ اتَّخَذُوا مِن دُونِهِ أَوْلِيَاء﴾ أَي: قد فعلوا ﴿فَاللَّهُ هُوَ الْوَلِيُّ﴾ يَعْنِي: الرب دون الْأَوْثَان ﴿وَهُوَ يُحْيِي المَوْتَى﴾ وأوثانهم لَا تحيي الْمَوْتَى.