Hi! I'm not really sure what "have been made up in your lifetime" mean, so I'm just gonna assume that it means words that have been created in your generation
Examples of new words: Meme, jegging
Examples of words with changed meanings: Silly (original meaning: blessed with worthiness), leech (original meaning: doctor)
The meaning of the words change over time because new generations lead to new ideas
Who benefits: The newer generations because they can communicate easily with newly made slangs, etc.
Who loses: The older generations because they have would then have absolutely no idea what the newer generations are talking about
(Example: Person 1: Woah that skateboard is sick!
The guy from the 1700s: No it's not. It's a skateboard, are you mental?)
and i'm not sure about the biblical perspective, sorry about that
anyways, hope this helped !