Comment by Paul_Clayton

The Catholic Church had similar tradeoffs with Latin, though I suspect the language and style were less motivated by majesty (though bias of use by the educated might have entered early — I am ignorant of the history). The New Testament Koine (Common) Greek was similarly a lingua franca. When the once common language is no longer broadly used, the language can become a class-oriented separating factor.

Even more recent translations seem to retain significant similarity in a lot of "famous" texts (e.g., the Beatitudes — people also seem to use the archaic pronunciation of "blessed" as two syllables), presumably to ease acceptance of the change. This hints that some commonality is preserved. (Some words are also jargon, so not modernizing the word is more reasonable.)

Story outlines and concepts can also be preserved even though the "poetry" of earlier versions is lost in translation. Yet as contexts change even concepts may be less understandable and shared; "go to the ant thou sluggard" may be unclear not merely from language but from unfamiliarity with concepts. Aesop's "The Ant and the Grasshopper" has lasted thousands of years, but is not a fundamentally human metaphor and even the human concepts diligence and foresight can have different cultural tones.

"A sluggard is someone who does not work hard." "Oh, you mean someone who works smarter not harder?" "No. It means someone who does not accomplish much." "Oh, you mean someone who is burnt out?" "No. It means someone who chooses not to do things that are profitable." "Oh, you mean someone who has recognized the futility of striving for accomplishments and has learned to be content with a simple life?" "No!"