Does he mean that he will protect shuri when he means “do u need a guard dog to protect ...

I took it as him backing off but still want to be beside her even if it's just as a guard

I interpreted it as Jeremy is a lion and he can protect his family. But if hes willing to let Nora be a guard dog - then he will accept it immedietly.

means that even if Shuri would want Jeremy he would respect her decision (like a boss) but still want to be near her and protect her and her family.