We investigate doping- and pressure-induced changes in the electronic state of Mn $3d$ and As $4p$ orbitals in II-II-V-based diluted magnetic semiconductor $(\mathrm{B}{\mathrm{a}}_{1\ensuremath{-}x}{\mathrm{K}}_{x}){(\mathrm{Z}{\mathrm{n}}_{1\ensuremath{-}y}\mathrm{M}{\mathrm{n}}_{y})}_{2}\mathrm{A}{\mathrm{s}}_{2}$ to shed light into the mechanism of indirect exchange interactions leading to high ferromagnetic ordering temperature ($T\mathrm{c}=230\phantom{\rule{0.16em}{0ex}}\mathrm{K}$ in optimally doped samples). A suite of x-ray spectroscopy experiments (emission, absorption, and dichroism) show that the emergence and further enhancement of ferromagnetic interactions with increased hole doping into the As $4p$ band is accompanied by a decrease in local $3d$ spin density at Mn sites. This is a result of increasing Mn $3d--\mathrm{As} 4p$ hybridization with hole doping, which enhances indirect exchange interactions between Mn dopants and gives rise to induced magnetic polarization in As $4p$ states. On the contrary, application of pressure suppresses exchange interactions. While Mn K $\ensuremath{\beta}$ emission spectra show a weak response of $3d$ states to pressure, clear As $4p$ band broadening (hole delocalization) is observed under pressure, ultimately leading to loss of ferromagnetism concomitant with a semiconductor to metal transition. The pressure response of As $4p$ and Mn $3d$ states is intimately connected with the evolution of the As-As interlayer distance and the geometry of the $\mathrm{MnA}{\mathrm{s}}_{4}$ tetrahedral units, which we probed with x-ray diffraction. Our results indicate that hole doping increases the degree of covalency between the anion (As) $p$ states and cation (Mn) $d$ states in the $\mathrm{MnA}{\mathrm{s}}_{4}$ tetrahedron, a crucial ingredient to promote indirect exchange interactions between Mn dopants and high $T\mathrm{c}$ ferromagnetism. The instability of ferromagnetism and semiconducting states against pressure is mainly dictated by delocalization of anion $p$ states.