How does it relate to Catholic values of despising the world and poverty of spirit?
You over-generalize these, I think, and use "world" too broadly. I'm working my way through a book of the spirituality of St. Thomas Aquinas, and he draws careful distinctions. Unfortunately they're not easy to summarize
, but the sacramental view of creation does place a very definite limit on the extent to which we can rightfully disdain things of this world. The key is to place them in their proper context, not necessarily to reject them entirely.