Etymology and English translation based on Anvaya (logical connection of words) of Maharshi Dayanad Saraswati (M.D.S)- -

(vayam)=we, (yathā)=as, (anye)=other philanthropist godly, (vidvāṃsaḥ)=scholars, (sūktebhiḥ)= In which good kind of knowledge has been said, those, (vacobhiḥ)=with the meaningful and knowledgeable words of Vedas, (devayatīnam)= desirous of divine enjoyment or divine virtues, (vaḥ)=you, (purūṇām)= of many people, (viśām)= among the people, (prajānām)= of the people, (sukhāya)= for pleasure, (yam)= said, (yahvam)= of superior virtues, [aur]=and, (agnim)=of God, (sīm)= from all sides, (īḻate)=praise, (tathā)=in the same way, (tam)=that, [parameśvara]=God, (it)=only, (pra)= in a good way, (īmahe)= we praise [that and] (ca)=also (prakāśayāmaḥ)= elucidate his virtues.

English Translation (K.K.V.) -

We people, like other philanthropist godly, scholars, to whom good kind of knowledge has been said, those desirous of divine enjoyment or divine virtues with the meaningful and knowledgeable words of Vedas. You praise from all sides the superior virtues said for the pleasure of the people. In the same way, we praise that God in a good way and also elucidate his virtues.

TranslaTranslation of gist of the mantra by Maharshi Dayanandtion of gist of the mantra by Maharshi Dayanand -

There is vocal silent simile as a figurative in this mantra. O human beings! Just as you people, who are fully educated, learned with determination and preaching for the wealth of the happiness of the subjects, let us also elucidate His virtues, like the God by creating and maintaining things like fire, etc., all happiness in living beings. In the same way, we too should always accomplish happiness and knowledge for all beings, know that.