High and Lofty One is similar to Most High, in that God is above, beyond, greater, more powerful, absolutely holy when compared to man. Man tends to self-exalt, but God is the exalted one.
That God inhabits eternity tells me that He is outside of our space-time continuum. He created it, after all, so then He would not live within it as the creation does. It is difficult for us to conceive of eternity because we only have the experience of beginnings and endings, of past, present, and future.
Whose name is Holy. I don't know why, but when I think of God's holiness, it affects me very deeply. Maybe it is because I know that I'm not holy, but do so want to be truly holy. By His Holy Spirit dwelling in us we have been made holy, sanctified and set apart for Him, but we still are not holy as He is Holy. How I long to enter into the Presence of the Holy Lord God! In the Resurrection, when this corruptible has put on incorruption, I know we will see Him.
1 Jn 3:1-3
Behold what manner of love the Father has bestowed on us, that we should be called children of God! Therefore the world does not know us, because it did not know Him. 2 Beloved, now we are children of God; and it has not yet been revealed what we shall be, but we know that when He is revealed, we shall be like Him, for we shall see Him as He is. 3 And everyone who has this hope in Him purifies himself, just as He is pure.
NKJV