The consequence of the people trusting in chariots and horses is that, although they wage war with these powerful weapons, they still lose the war. And those who fight with the Lord by their side remain upright and obtain the victory. In Deuteronomy 17:16 one reads that the king of Israel must not acquire many horses (which command Israel often did not keep). To remain standing in war in the ancient Middle East without the means of power of horses and chariots was almost impossible. Then surely the king and his people had to trust in the Lord. That trust is verbalized in this Psalm.
In what do you place your trust as God’s children? For example, it is fine to use medicine, also preventive meds; there is nothing wrong with saving and putting some money aside, but pray that you do not place your trust in things like medicine or savings. Trust in God (who can use various means).
8 They collapse and fall, but we rise and stand upright.