My reading of this is similar to any other country.
Namely, there are 2 steps or components.
Let’s call it the the first year.
In the first year you establish official residency. Get documents and you can get a residency proof in Malta in 3-6 months. You start paying tax or filing returns. Get a driver license perhaps. You get an apartment to rent or buy on a yearly lease renewable.
Step 2 is where you spend your time thereafter. Malta is now your center of activities and you make sure you have very little ties in your passport country other than say bank accounts ,which can be anywhere.
My reading of this is that after the first year or so, you can be a nomad anywhere in the world and spend even zero days in Malta. Your vital interests and ties are there and you don’t spend more than 6 months anywhere else. Even if you did, if you have more ties in Malta and that would still be your taxation base.
So the key is the 1st year which requires more time there to setup your residency. After that, I see no reason you can’t travel indefinitely.
Ask yourself this question: If I am not resident in Malta or have ties anywhere else, where am I resident? So make enough ties in Malta so there is no doubt of your residency and you can take off in year 2.
Am I reading this correctly?

My experience based on 2 clients is that as long as Malta is your base and you are paying tax there (you don’t pay tax on money not remitted to the island) they are fairly relaxed. What they clearly would not like is someone who moves there for a year, gains residency then leaves and pays no taxes - what is in it for them? In that situation you might hit issues when you renew your residency card. The two people I know travel to the US, Australia and various other EU locations constantly but the largest single amount of time in one place is in Malta but the other places are where they 3 or 4 weeks working here and there. One of them has a Maltese company which could be a plus because the Maltese company has contracts in 4 countries which obliges him to travel.

It means:

In extreme cases, your home country (passport country) can still claim your income if you can’t prove residency in another country for over ~183 days.

Valletta is the most charming city on the island of Malta by far IMO. I didn’t care for the St Julians/ Sliema area, but depends what you’re looking for (it’s a big time party area).

I recommend you not miss Gozo if you’re into nature and snorkeling/ diving. I got a great deal thru AirBnB by the seaside. It’s a bit quiet for a month perhaps, but perfect for my getaway at the time. If you want to be closer to the action I’d say stay in Valletta.

I was there for 3 months and will be back soon for the winter. Apart from bars and cafes I didnt find anywhere, There was spaces near Sliema but its a treck on the bus every day.