High-resolution resonant inelastic x-ray scattering measurements ($\mathrm{\ensuremath{\Delta}}E=46\phantom{\rule{0.28em}{0ex}}\mathrm{meV}$) have been performed on ${\mathrm{Cd}}_{2}{\mathrm{Os}}_{2}{\mathrm{O}}_{7}$ through the metal-to-insulator transition (MIT). A magnetic excitation at 125 meV evolves continuously through the MIT, in agreement with recent Raman-scattering results, and provides further confirmation for an all-in all-out magnetic ground state. Asymmetry of this feature is likely a result of coupling between the electronic and the magnetic degrees of freedom. We also observe a broad continuum of interband excitations centered at 0.3 eV energy loss. This is indicative of significant hybridization between Os $5d$ and O $2p$ states and the concurrent itinerant nature of the system. In turn, this suggests a possible breakdown of the free-ion model for ${\mathrm{Cd}}_{2}{\mathrm{Os}}_{2}{\mathrm{O}}_{7}$.