I will worship toward your holy temple, and praise your name for your lovingkindness and for your truth: for YOU HAVE MAGNIFIED YOUR WORD ABOVE ALL YOUR NAME. Psalm 138:2
God’s name represents His authority, yet He has exalted His Word as the highest authority, above all other authorities, and even higher than the authority of His own name!
It suggests that we will only understand His name (His authority, nature and attributes) WHEN we respect His Word above all else as the highest authority.
I think the application for mankind is that men often claim to honor the name of God, and yet they don’t take His Word as the highest authority. The traditions of men usurp the authority of the Word, many times.
This verse says that the way to truly honor God is to take His Word as the supreme authority in your life, which is even higher than calling on His name.