Nothing too profound, but Christmas Eve shouldn't need too much confessional explanation from the Lutheran perspective. Right? Just go to Luther's Christmas Book.
Verse 14 is quoted in the Apology of the Augsbrug Confession, Article 12: Repentance (AP 12.122) as a quote from the Confuatiation causing Melanchthon to go off on people who distort the Word of God. It's kind of fun to encouter Melanchthon going all Luther on someone, but I find nothing here is particularly preachable. It is, however, worth reminding ourselves to watch our logic and interpretation of scripture.
Verse 14 is connected to a quote in the Small Catechism Table Blessing of Psalm 145 as cited in an editor's footnote (SC n. 107) connecting "delight" and "pleasure." This is a helpful reminder that God's pleasure is creation's delight.
Christmas is about Christ. Watch your interpretation. Proclaim God's delight.