God’s Name is holy in itself, and God glorifies his Name by saving fallen humanity, by building his Church, and by establishing his kingdom in this world and in the age to come. (Nehemiah 9:9–10; Psalm 111:9; Ezekiel 36:22–32; Luke 1:49; John 12:23–28; Acts 4:24–31; Ephesians 5:25–27; 1 Peter 2:4–9)
Bede (AD 735) on Luke 1:49 “for he who is mighty has done great things for me, and holy is his name.”
But this has reference to the beginning of the hymn, where it is said, My soul doth magnify the Lord. For that soul can alone magnify the Lord with due praise, for whom he deigns to do mighty things. For in the height of His marvelous power He is far beyond every creature, and is widely removed from all the works of His hands. This is better understood in the Greek tongue, in which the very word which means holy, signifies as it were to be apart from the earth.