Definitely agree that this has a dual meaning. The context heavily supports that.What happens in heaven happens on earth.
Nebuchadrezzar is a reflection of satan.
Belshazzar probably fits the description better than Nebuchadnezzar; but.... the Isaiah prophecy says they will say this proverb in a time when the house of Israel will rule over their oppressors; which doesn't really sound much like the second temple period to me; although technically they did control some gentile territories for a short time.