Indeed. That is its most primitive formulation. And it seems to me there is some degree of truth in it. Not the most exhaustive, perhaps. But certainly not outright false. Same for the way all of us "explain" the spiritual aspect of human reality, provided, of course, that we haven't ruled it out as a matter of principle. Then I think, all that's left is: nihilism.
People that believe in nothing can and do believe in anything..
i.e. scientology as an example.. in a fairly long list..