Pronunciation of "Blessed"

Is there any difference in meaning or usage when pronouncing "blessed" with two syllables rather than one syllable?

Two: bles-id [blɛsəd]

One: blest [blɛst]

We reference the Oxford Advanced Learner's Dictionary.

Blessed can be an adjective meaning holy, in which case it is pronounced with two syllables: Blessed is the name of the Lord.

Blessed can also be the past tense of the verb bless, in which case it is pronounced with one syllable: The priest blessed the bread.

One syllable is the present passive participle of to bless. Two syllables is a pure adjective. The adjective connotes an innate property of blessedness, but the passive participle indicates that it is a result of external action.

One syllable, "Blessed by the sermon on Sunday, the congregation shouted many amens."

Two syllables, "The preacher delivered a blessed message on Sunday."

There's no real difference in meaning so far as I know.

Pronouncing the second syllable sounds archaic, I've only heard it used in recitations of old poetry or in clichés presumably derived from old literature of that sort.