We use inelastic light scattering to study Sr$_{1-x}$Na$_x$Fe$_2$As$_2$ ($xapprox0.34$), which exhibits a robust tetragonal magnetic phase that restores the four-fold rotation symmetry inside the orthorhombic magnetic phase. With cooling, we observe splitting and recombination of an $E_g$ phonon peak upon entering the orthorhombic and tetragonal magnetic phases, respectively, consistent with the reentrant phase behavior. Our electronic Raman data reveal a pronounced feature that is clearly associated with the tetragonal magnetic phase, suggesting the opening of an electronic gap. No phonon back-folding behavior can be detected above the noise level, which implies that any lattice translation symmetry breaking in the tetragonal magnetic phase must be very weak.