It's a complicated topic. I'm of the opinion that we shouldn't take Bethesda's translations at face value, and that the words themselves hold the most accurate meaning.
For example, the word zeymahzin is given to mean "companion". However, if we look at the word itself, we can see that it's a compound of zeymah "brother" and zin "honor," roughly "honored brother." Given the context of the word "Companion" in the rest of Nordic mythology, it becomes clear that zeymahzin has a much more refined definition than the English "companion." A friend could be a "companion" or a dog could be a "companion." A friend could be a zeymahzin, but a dog, probably not.
Similarly, when we look at nivahriin "cowardly," we can see that it's ni "not" and vahriin "sworn" (suppose for this discussion that this is true). A friend who shies away from a drinking challenge could be "cowardly". A dog that deserts you when you encounter a bear could be "cowardly." The same friend is probably not nivahriin, since he or she is not sworn by oath to prove their drinking ability, but the dog is nivahriin since it's supposed to protect you from the bear.
For obvious reasons this exercise doesn't work as well with words that have no discernible roots, but we can still use context to determine what connotations a word has.
Nok means "to lie" and is used in a number of Word Walls to declare which dead person is buried there; Het nok kopraan do Helga "here lies the body of Helga." When we look at related words we might stumble across dinok "death." We may not know the exact relationship between nok and dinok, or if there is one at all, but based on its usage, we can surmise that nok probably refers exclusively to the dead or burial. A dead king can nok, a sleeping person might metaphorically nok, but the sword on the table probably doesn't nok.
It's an exercise in treating the language as its own entity, independent of the English translations that are given. It makes etymology in some ways more difficult, but also helps open our eyes to relationships that we might not have noticed if we were only paying attention to the English translations.