It is profitable to think of this verse in two ways: despise not prophecy and despise not teachings. Especially here in this epistle, which contains a lot about prophecy, that thought should be included in the admonition. “Despise not instruction” is another way of expressing this verse, and the instruction includes heeding times and things in season for the end time. We should be particularly interested in prophecy about the end of the age because of the day in which we are living.
We should not neglect study or hearing the thoughts of elders. Since those who are given to works might neglect study, there is a danger in putting too much emphasis on works.