I think the title and body questions are subtly different. Here I'm going to address the title question, which I'll paraphrase for clarity as:
What sort of "mathematical truth" can a non-Platonist make sense of?
I think this is less strange than it may first appear, since there is an existing parallel: "sharp" vs. "fuzzy" referents in natural language. Roughly speaking, while Platonism does commit to the position that every mathematical statement has a definite truth value, rejecting Platonism does not require us to reject all mathematical statements as meaningless; we can have "degrees of realism" in our mathematics.
Various authors have written about the distinction(s) at play here without committing to (or even explicitly rejecting) Platonism; see e.g. Feferman, Koellner responding to Feferman, or Hamkins - or more generally the materials from Harvard's EFI.
(This old answer of mine is related.)
The situation I want to focus on in natural language is twofold:
In order to have a definite truth value, the "ingredients" of a sentence - including but not limited to the objects referred to - have to be "sufficiently meaningful" (I've used the term "sharp" above for this).
There are various levels of meaningfulness - or perhaps more palatably, there are various levels of vagueness.
For example, I think that - under some very mild ontological assumptions - we'd all agree that the sentence "the Earth orbits the Sun" is unproblematically true. However,
(And this doesn't even get into the issue of properties: how should we think about a sentence like "Steve is friendly" or "the weather outside is cold"?)
Mathematics, one can argue, is subject to a similar phenomenon - although for various reasons we can ignore it for the most part: there are different degrees of meaningfulness. Here's one particular take on what that might look like:
The number "3" is totally meaningful (and "3 is odd" has a truth value unproblematically) since it's feasibly realizable: I can right now instantiate it by raising the middle, index, and ring fingers of my right hand (which I happen to have).
The number "8394756" is almost totally meaningful: while it's not feasibly realizable we do have a high degree of confidence that it is physically realizable (e.g. that there actually exist at least that many grains of sand on the beach, so with enough time we could instantiate the number in question).
The number 10^50 is very meaningful: while according to our current understanding of the universe it is instantiated in some sense (there are believed to be more than that many atoms in the universe), there are serious obstacles to instantiating it (e.g. the time it would take to "collect" all those atoms "in one place" might be so long that they cease to be atoms in the first place.
Graham's number is pretty meaningful: there is no current understanding of the universe according to which it's even plausibly physically instantiated, but we can imagine alternate universes with more-or-less the same laws of physics in which it is. That is, its "abstract finiteness" is its saving grace.
But an infinite cardinal like $\aleph_0$ is pushing into the only-somewhat-meaningful territory: we'd have to accommodate an infinitely large universe in order for it to be instantiated in any sense, and it's not clear that that would even count.
And then things really break down when we hit stuff like $2^{2^{\aleph_0}}$ or similar.
There are, of course, a couple major questions here:
Is this gradation meaningful? The Platonist would say no, but a non-Platonist might find it quite interesting - even a formalist might see something to get out of it (e.g. I personally do) on the grounds that it's actually quite hard to get away from the "real-ness" of 3.
Is this gradation arbitrary? Even assuming that my relevant beliefs about the physical universe are accurate, the spectrum I've gestured at above is arguably quite contingent. The last sentence of your question ("it seems arbitrary to believe that some undecidable statements have truth value, when it is already accepted that others do not") strikes hard: what criteria do we use to judge meaningfulness, and in particular to what extent do we have to commit to a "meta-Platonism" ("there is a definite fact of the matter about many questions around comparative meaningfulness") - and why is that justified?
While these criticisms are quite important, I think that ultimately the approach above is valuable (and in fact it's one I adhere to).