This verse repeats the earth/heaven dichotomy of the treasures passage. It is not so much about the distinction between earthly versus heavenly masters as about the full devotion required by each. No one can completely and faithfully serve two masters who have differing agendas. At some point they will inevitably conflict, and the servant must make a decision. The description (“hold to the one and despise the other”) is not about the servant’s attitude but his action. No matter what his personal feelings are about both masters, disobeying a command was a form of despising his authority.
Book of Mormon Context: The principle of serving either man or God is universally applicable, but we have no information on master/servant relationships among the Nephites. It is possible— but unlikely—that they resembled those of the Israelites, given the different economies.
Comparison: There is no change from the text of the Matthean sermon.
Text: The 1830 edition makes a textual change here that is obscured by matching the chapters to the King James Version. In the 1830 edition, this verse ends a chapter. See the commentary accompanying the next verse for its significance.