Despite the manner in which some translate this verse, the only way to properly understand this verse is that Jesus is God. Though the writers of the New Testament often used ‘God’ to refer to the Father, in order to distinguish His person from that of the Son, nevertheless, Christ is called God unreservedly in John 1:1, 20:28, Acts 20:28, Heb 1:8, Titus 2:13, and Phil 2:8-11.
Despite the very first heresy of the church – that of docetism, this verse also teaches the important truth that Christ is human (see Heb 4:15). In light of this, how intimate a union should we have with Him.
Thirdly we find in this verse that He is Lord over all. Is He Lord over all of your life?
Finally, the verse reminds us that it is right to praise Jesus. Christ is most praise-worthy; He alone is worthy of all praise (See Rev. 5:12).