Paul now responds to the concerns brought up in verse 1. Here "It" refers to being a member of the Jewish people. Alternate translation: "But there is great advantage to being a Jew" (See: [[rc://en/ta/man/translate/figs-explicit]])
Here "revelation" refers to God's words and promises. You can translate this in an active form. Alternate translation: "God gave his words that contain his promises to the Jews" (See: [[rc://en/ta/man/translate/figs-explicit]])