Possible meanings are 1) that the writer uses the words "knowledge" and "wisdom" to mean the same thing, or 2) "the advantage of knowing wisdom is that it gives life."
This speaks of how wisdom helps to preserve a person's life as if it gave life to that person. When a person is wise he makes good decisions that help him to live a more prosperous and longer life. AT: "preserves a person's life" or "helps a person to make good decisions and to live a longer life" (See: [[rc://en/ta/man/translate/figs-personification]])