Does beat it in the title mean run away as fast as you can because you don't want to get into trouble?
"Beat it" in the context of the song means "go away". It is something one person would tell another to do, not something you would say you were going to do yourself.
You could say, "The cops (police) are coming, (you) beat it!" Or "The cops are coming, let's beat it!" but you usually would not say "The cops are coming, I'm going to beat it."
Beat it - It's a slang for 'run away or go away' or 'ask somene to run away or go away'
You can say this thing to your juniors in the college like
A. Hey, beat it ! Or I will beat you up.
It's like a bit rude version of 'get lost'.
So obvisouly you can't use this thing on your elders, parents, teachers etc. But you can use this phrase on people who you can afford to be rude with.