Grace (4+5b): God saved us from our former life of sin.[1] This was contrary to what we deserved ("But God")! He was the offended party, the authority we spurned/disobeyed. Our "trespasses and sins"[2] were against Him! He should have sent us to hell, but He instead loved us who transgressed against Him! This was the rich mercy of God. It takes a wealth of pity to rescue repulsive rebels. And this is the magnanimous grace God demonstrated toward us. He powerfully saved us from our deadness in sin and gave us new spiritual life.
God's Saving Acts (5a+6): God saved us by treating us like He treated His only begotten Son. As God raised His Son from the dead, so He also raised us up (His adoptive sons[3]) and made us spiritually alive.[4] He gave us a new life and freed us from our sins[5] to live a new life in conformity to Christ (2 Cor. 3:18)! Moreover, as God exalted and seated His Son in the heavenly places at His right hand (1:20-22), so He also gave to us (His adoptive sons) an exalted position before Him. In the sight of God, we now have the status of the children of God (1 John 3:1), the sons of God (Gal. 3:26) and co-heirs with Christ (Rom. 8:16-17, 29). Even Christ Himself views us this way (Heb. 2:10-11)! By the grace of God (2:5) and by the power of God (1:19), we went from a depraved rabble to the adopted sons of the holy God.
[1] Paul reiterates the language he used earlier ("dead in …") to refer to our former life of sin (2:1-3).
[2] "Transgressions [pa-rap-tō-ma (παράπτωμα)]" in 2:5 is the same word as "trespasses" earlier. This is shorthand for "your trespasses and sins" (2:1) where spiritual death was described as it is in 2:5.
[3] Adoption to sonship was what God predestined us toward: "He predestined us to adoption as sons" (1:5).
[4] Earlier, Christ's resurrection was described with the single expression "raised from the dead" (1:20), but here, two expressions are used: "made alive" and "raised up." The first expression underscores the new spiritual life. The second makes explicit its connectedness to Christ's resurrection.
[5] This is our new life that began with our spiritual birth/regeneration (John 3:3; Tit. 3:5) and a freedom from sin (Rom. 6:4-6). And this new life continues on in sanctification (Rom. 6:19, 22).