Rabbi Roodyn

כִּי גָדוֹל ה’ וּמְהֻלָּל מְאֹד נוֹרָא הוּא עַל כָּל אֱלֹהִים

For Hashem is great and very much praised; He is feared over all divine powers.

The Malbim explains that the word גדול, great refers to that fact that Hashem is both first and last in all of creation, and also that His strength extends to all of creation. בכ

Once mankind comes to this recognition, then He is מהלל מאד, very much praised, as all can see that His actions are carried out with infinite wisdom and goodness.

Just like the previous pasuk ended off בכל העמים נפלאותיו , among all nations His wonders, so too this pasuk says נורא הוא על כל אלהים, He is feared over all divine powers. One should not think that the forces of nature are limited and unchangeable, like a craftsman whose handiwork no longer needs him after it is completed.

Rather all the forces of nature (referred to here as divine powers) ‘fear’ Hashem as He maintains total control over them all and can change their properties at will and even cause them to cease to exist. This is because all existence depends on Him and He does not depend on it. Only Hashem is true existence, everything else in the universe is contingent on Him. Were He to so desire, anything and everything could cease to exist.