What does the term "principalities and powers" mean?

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In some translations, I see the term “principalities and powers.” To what does this refer?

This will not be exhaustive, but for example, consider the KJV’s translation of Romans 8:38-39:

For I am persuaded, that neither death, nor life, nor angels, nor
principalities, nor powers, nor things present, nor things to come,
Nor height, nor depth, nor any other creature, shall be able to
separate us from the love of God, which is in Christ Jesus our Lord.
(Romans 8:38-39 KJV)

Compare this with another translation, for example ESV:

For I am sure that neither death nor life, nor angels nor rulers, nor
things present nor things to come, nor powers, nor height nor depth,
nor anything else in all creation, will be able to separate us from
the love of God in Christ Jesus our Lord. (Romans 8:38-39 ESV)

Now consider NIV1984:

For I am convinced that neither death nor life, neither angels nor
demons, neither the present nor the future, nor any powers, neither
height nor depth, nor anything else in all creation, will be able to
separate us from the love of God that is in Christ Jesus our Lord.
(Romans 8:38-39 NIV1984)

So, it seems that “principalities and powers” in the KJV corresponds to “rulers” in the ESV and “demons” in the NIV1984. Does the term “principalities and powers” refer to evil spiritual beings, or just powerful ones?

Also, consider Colossians 1:16:

For by him were all things created, that are in heaven, and that are
in earth, visible and invisible, whether they be thrones, or
dominions, or principalities, or powers: all things were created by
him, and for him. (Colossians 1:16 KJV)

For by him all things were created, in heaven and on earth, visible
and invisible, whether thrones or dominions or rulers or authorities
— all things were created through him and for him. (Colossians 1:16 ESV)

For by him all things were created: things in heaven and on earth,
visible and invisible, whether thrones or powers or rulers or
authorities; all things were created by him and for him. (Colossians
1:16 NIV1984)

In these translations of this particular passage, the connotation of “principalities and powers” seems somewhat blurry. Can you please help me to understand?