لهم في الدنيا خزي (for them in this world is disgrace) includes what the believers do to them, such as fighting and subjugation.
قيل القتل للحربي ، والجزية للذمي ، عن قتادة . السدي : الخزي لهم في الدنيا قيام المهدي ، وفتح عمورية ورومية وقسطنطينية ، وغير ذلك من مدنهم ، على ما ذكرناه في كتاب التذكرة . ومن جعلها في قريش جعل الخزي عليهم في الفتح
It has been said: This is killing of a Harbi and Jizya for a Dhimmi, that is narrated from Qatada. And it is natted from as-Suddi: It means the establishment of the Mahdi and the conquest of Amorium, Rome, Constantinople and their other cities. ... And those who said that this verse is about the Quraish said that disgrace means the conquest (of Makkah).
— Tafsir al-Qurtubi
Regarding your title question, that depends on the type of non-muslim and on what you mean by 'respect'. A Harbi is certainly not respected in a great deal of matters in which it is obligatory to respect a Dhimmi, Musta’min or Mu‘aahid, such as in regard to the sanctity of their life or property etc.