This passage looks back over the first part of Colossians and summarizes the major points while looking forward to the application of the rest of the book. Having discussed the cosmic reality of who Christ is, Paul transitions to describing what it looks like to walk with Christ in everyday life.
As we continue the series in Colossians, we see the practical application of what it means to worship the cosmic and yet personal Christ that was introduced in the first section. This section takes the mystery of who Christ is and applies it to the lives of a community of faith. Instead of pursuing some other kind of mystery, they are called to dive into the mystery of Christ and watch how it transforms every aspect of their lives. There are particular applications to community life, legalism, character, family, professional life, religious expression, and more. This is the beauty of life with Christ: we worship a cosmic Christ who is far outside the realm of our normal lives and yet that very worship completely transforms the day to day life that we live in this world.