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I came across the phrase "If you enjoy using 10-dollar words to describe 10-cent ideas,... " , but I am not sure what it means, specifically when related to Hindi. Do we have a similar expression in Hindi to clarify the meaning of this phrase?

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I would hazard the guess that this means using fancy, learned or literary words out of context and, consequently, you might not be taken seriously. E.g. you could replace "I'm going to bed in a minute" by "I shall retire into Morpheus' arms shortly". Said once, it might be funny (depending on the context), used regularly, it would sound pompous.

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