Earlier quoted context omitted.
It is all of those things. The language is just a bit overwrought.
My own writing style, for better or worse, tends to hover around a sixth-grade reading level, but I love experiencing authors who have distinct voices, and I especially appreciate ones who have the courage to break out all of the five dollar words and obscure metaphors. In our anti-intellectual culture, doing that really risks mockery (case in point), but I think sophisticated, complex writing can illuminate in ways…
I agree- I really wish there wasn't such a stigma against, as you phrased it, "five-dollar words". I love reading older writing because (maybe without the internet and things like /r/iamverysmart?) they seem drastically less afraid to say exactly what they want to, in the way they want to.
There's also an anachronistic charm to them I guess, but I think the word-choice-freedom is still a big factor.