“But as for you, man of God, shun all this; aim at righteousness, godliness, faith, love, steadfastness, gentleness. Fight the good fight of the faith; take hold of the eternal life to which you were called when you made the good confession in the presence of many witnesses. In the presence of God who gives life to all things, and of Christ Jesus who in his testimony before Pontius Pilate made the good confession, I charge you to keep the commandment unstained and free from reproach until the appearing of our Lord Jesus Christ; and this will be made manifest at the proper time by the blessed and only Sovereign, the King of kings and Lord of lords, who alone has immortality and dwells in unapproachable light, whom no man has ever seen or can see. To him be honor and eternal dominion. Amen.” ( 1 Timothy 6:10-16 RSV-CE)
When reading the context, one can see that this is not denying Jesus divinity and Omnipotence. First, using logic, if one says that Jesus is not Omnipotent because it says “only Sovereign” speaking of God the Father, then one can assume that no one else has immortality except God the Father since in the same sentence it says, " who alone has immortality". But we know that isn’t true. Jesus is immortal and cannot die ever again: “For we know that Christ being raised from the dead will never die again; death no longer has dominion over him.” (Rom. 6:9) Therefore because the Father was called the only Sovereign does not mean that Jesus is not Sovereign, for St. John says, " they will make war on the Lamb, and the Lamb will conquer them, for he is Lord of lords and King of kings". What the verse is pointing to, is that God alone is Sovereign/Almighty. But Jesus is God. Therefore Jesus is Almighty. Some take the next part out of place where it says He dwells in unapproachable light, but Jesus in His true Divine Nature does dwell in unapproachable light, we saw Jesus in his human nature here, not in His full Divine nature.
And what would be wrong with calling the God the only Almighty? He is the only Almighty, right? And since it’s clear Jesus is fully God, not some lesser god like the JW’s say, but fully God in flesh, Jesus is Almighty. This verse doesn’t defeat orthodox theology. It actually supports it.
Lastly, one verse to point out would be John 17:3. It says: “And this is eternal life, that they know thee the only true God, and Jesus Christ whom thou hast sent.” If there is only One True God, then what kind of god is Jesus? Jesus is clearly called God, but if there is only one true god, then Jesus must be the only one true God, or else He would be a false god, which is blasphemy. Since the Father is God He is rightly called the only True God, just as Jesus is rightly called the only True God. It’s not disproving anything, just stating a fact.