It’s actual blasphemy, imo. The idea that Peter is the foundation, and the chief corner stone—Jesus—rests upon Peter, gives a sinful man precedence over God. Nothing could be further from the truth.
The church is built upon divinely revealed truth: that Jesus is the Messiah, the Son of the living God. No less a foundation is sufficient.
And all the efforts we see by Catholics to dismiss, disregard, downplay or in any other way invalidate the integrity of Scripture by making their church the owner of it and responsible for it, do just that.
They try to make and convince us that Scripture is subservient to their church and its interpretation.
They elevate their religion in authority above and beyond what is written.