Psalm 123

³ Have mercy on us, O Lord, have mercy on us!
For we are exceedingly filled with contempt.

⁴ Our soul is exceedingly filled
With the scorn of those who are at ease,
With the contempt of the proud.

The psalmist begins (v.1) by hearkening back to the opening phraseology of Psalm 121 (i.e., “lifting up his eyes”) and hence reiterating his answer to the question “From when shall my help come?” The answer, of course, is from the LORD. This psalm emphasizes God’s role as the Universal King. — Wechsler, page 297.

__________

the psalmist here (v.2) compares the manner in which he and those like him look to their divine King to the manner in which servants look to the hand of their master, and a maid to the hand of her mistress—in both of which examples “the hand” signifies not the threat of beating or disapproval, but rather the supply of all that is needed. — Wechsler, page 297.

__________

The motivation of the psalmist (vs.3-4) is ultimately the vindication of God’s justice, as manifest both in His condemnation of the wicked as well as in the rewarding of His servants. — Wechsler, page 298.

The following view isn’t stated anywhere. But I’m including it because it might be valid.

The background of the Psalm is that of Israel living in the closing days of the Babylonian captivity. A remnant of Jews had been urged and permitted by King Cyrus to return to their homeland and rebuild their city and temple. Their neighboring countries laughed them to scorn. This is described in Nehemiah 4:1-3. They were persecuted, hated and hounded, but day and night they sought the will of God and endeavored to please Him. All of the persecution is to be repeated in the Tribulation period, but it will be so much worse that it is difficult to realize how terrible it will be. — Phillips, page 300.

And Williams, as always, sees the psalms as the specific words of the Messiah.

Messiah speaks personally in the first verse, and, on behalf of His people in the following three verses. … He credits them with His own faith, and burdens Himself with their fear. — Williams, page 401.