In the first verse, the text here is "From angels bending near the earth." "Bending" is sung with a melisma (D Bb G), musically giving a sense of the word's meaning.
While looking at the hymn again in order to write this post, I also noticed that in the second verse, "cloven" in the line "Still through the cloven skies they come" is sung with this same melisma, musically giving a sense of that division. (That's the first line of the verse, but the first and third musical phrases are the same.)
Four years ago, while practicing a section of this tune in my beginning piano book (meant to demonstrate how to turn the thumb under the hand when playing long ascending phrases), I realized something about the text accompanying the fifth musical phrase:
In the first verse, the text here is "'Peace on the earth, goodwill to all.'" This is taken from Luke 2:14, where the angel says to the shepherds: "'Glory to God in the highest, and on earth peace among those with whom he is pleased!'" While not all of this is included in the hymn, the octave drop in the melody gives a musical sense of these different levels (peace from "the highest" sent "on earth").
While looking at the hymn again recently, I noticed that this octave difference gives a musical sense of height in the second verse ("Above its sad and lowly plains") and in the third verse ("Look up, for golden is the hour.").
There's also a second melisma'd "bend" (C Bb) in the sixth phrase of the second verse: "They bend on hov'ring wing," sung to this phrase:
