This verse is all about praise and appreciation of Allah which ultimately leads to the true assessment (qadr) of Allah. Reciting these kalimaat is actually acknowledgement that we as a human and creation are nothing and the only doer of things is the Almighty.
2. Closeness to Allah
Closeness to Allah increases as these words (verses) revolve around accepting and acknowledging the might and unlimited power of Allah.
3. Treasure of Paradise
Prophet Mohammad Peace Be Upon Him has shed light on the importance of these kalimah (words) by saying:
"Shall I not tell you about some of the treasure of paradise - La Hawla Wala Quwwata Illah Billah (there is no power but with Allah)
Worldly and material benefits
1. Protection of wealth, health and relationships
If you understand its meaning and dig deeper into how and why Allah is the sole doer of things (be it the blinking of your eye or creation of the Sun), then miracles start happening in your material life as well.
Quran mentions how a man who didn't acknowledge Allah's favours upon him had to lose his entire crop and fruit farm, because he did not say mashallah LA quwwata illa billa when he was looking at his produce with pride and ego, and not thanking Allah for this blessing.
It keeps us safe from evil eye. Evil eye is usually the result of someone being jealous of our success, wealth, health, children and marriage, and other material blessings. Mashallah la quwwata illa billa is the most powerful weapon against evil eye and jealous souls bent on sending negative vibrations to us and affecting material well-being. Master this dua by reciting it on a regular basis
3. Protection from black magic and jinn possessions
4. Cure of depression, anxiety and frustration