He laughs at fear depicts the war horse scorning the thought of fear just as the fast moving ostrich laughs at the horse and rider in verse 18, and the donkey at the noise of the city in verse 7. Laughs at means “to make fun, ridicule, scorn.” Not only does the horse not show signs of fear, but he laughs at fear. He is not dismayed means “he is not afraid, is not frightened.”

Turn back from the sword means he does not run away from where the sword is being used, or, more generally, “he does not run away from the heat of the battle.” Verse 22 may also be expressed “He (they) has no thought of fear, and he does not run away from where the fighting is” or “Where others fear, he (they) snorts; he does not turn and run from the battle.”

Quoted with permission from Reyburn, Wiliam. A Handbook on Job. (UBS Helps for Translators). New York: UBS, 1992. For this and other handbooks for translators see here .