Like “Trust and Obey” (548) and various psalms of trust, this text extols the blessing of trusting in God's care and keeping. Such trust produces serenity (st. 1), strength to face each day (st. 2), and "perfect peace and rest" (ref.).
Bert Polman, Psalter Hymnal Handbook
The Catechism says that those who know Christ’s forgiveness are “to thank God for such deliverance” (Heidelberg Catechism, Lord’s Day 1, Question and Answer 2). As a result, “With our whole lives we may show that we are thankful to God for his benefits, so that he may be praised through us, and that we may be assured of our faith by its fruits, and so that by our godly living our neighbors may be won over to Christ” (Heidelberg Catechism, Lord’s Day 32, Question and Answer 86).