“It” could be anything. There is not a Greek reference number for “it” in James 1:2-4. So, “consider it” means the suffering of the moment. “It” could be something small or big. “It” could be something small blown to astronomical proportions. “It” could be something big unfairly minimized.
Either way, what James is asking us to consider or suppose is that “it” will be equated with joy. By definition, that joyful consideration should be the lead thought no matter the identity of “it.”
A joyous character quality ought to balance the quantity of “it.” Regardless if “it” should be reduced or enlarged, joy’s counterweight keeps “it” in perspective.
Is this joy easy to maintain? If so, would the verses be required as a reminder?