Ustadh Nouman Ali Khan delves in elaborate detail on Surah Araf verse 11.
Iblees's status was elevated more than the angels because of how much effort and work Iblis put in. Iblis and all the angels were commanded to bow down to the creation of Adam. However, Iblis objected and said - "What's so awesome about him? I'm created from fire and Allah created him from clay "You didn't have everyone bow for me?" Allah exposed Iblis's motive of worshiping Allah all along which was only for recognition and not to please Allah.
A point of interest is that though both Adam and Iblis disobeyed Allah, Iblis tried to justify it, while Adam didn't try to justify it. The first human being that could've asked that question is Adam, but yet he didn't, in humility. Whereas Iblis tried to offer a logical excuse. Adam's response was humility, he was embarrassed that no matter how logical I think I am, I can't be more logical than Allah and when I make a mistake I will take ownership instead of blaming Allah.
Prophet ﷺ said that all children of Adam make mistakes.but the believers own up to the mistakes and repent. The Prophet ﷺ also said, "By the One in whose hand is my soul, if you did not commit sin, Allah would replace you with people who would commit sin then pray for forgiveness." Prophet ﷺ says " Every son of Adam sins and the best of those who sin are those who repent."