What is meant by the "preferring" in the verse: "O Children of Israel, remember My favor which I have bestowed upon you, and that I preferred you over the worlds," and does this preferring apply to the Israelites today or was it in the time of the verse's revelation?

The meaning of "preference" refers to the Children of Israel in the early times, due to their adherence to religion, their obedience to God, and their following of the Messengers. Thus, God preferred them over the people of their time. However, when they deviated, God inflicted humiliation upon them and cursed them. Most of the Israelis today are not from the Children of Israel; rather, they have gathered from the Jews of the world.