That's pretty much the stakes of it, yeah.
Do I still feel the Bible is the word of God, albeit run through human beings? Sure! Do I think the Bible contains allegory? Absolutely. Does this contradict? Not at all. There's a lot of poetic language in there designed more to illustrate a point than to function as a history textbook, which a lot of folks have trouble wrapping their heads around throughout time.
I personally get a lot of value out of it. I'm fine if people disagree, even washed up punk rockers with a secret Peter Pan complex. ;)

