On the contrary, that denigrates Scripture and diminishes it to secondary importance. The author of the OT is not the man who held pen in hand putting to paper the oral traditions held to by his forebearers.
If someone thinks nothing more of Scripture than that it is a compilation of oral tradition then of course it's not going to be considered authoritative.
If someone considers it the work of the Holy Spirit, the very words of God Himself, it sheds a whole different light on how one considers it and the importance of it in our lives.
2 Peter 1: 16-21 16For we did not follow cleverly devised myths when we made known to you the power and coming of our Lord Jesus Christ, but we were eyewitnesses of his majesty. 17For when he received honor and glory from God the Father, and the voice was borne to him by the Majestic Glory, "This is my beloved Son, with whom I am well pleased," 18we ourselves heard this very voice borne from heaven, for we were with him on the holy mountain.
19And we have something more sure, the prophetic word, to which you will do well to pay attention as to a lamp shining in a dark place, until the day dawns and the morning star rises in your hearts, 20knowing this first of all, that no prophecy of Scripture comes from someone’s own interpretation. 21For no prophecy was ever produced by the will of man, but men spoke from God as they were carried along by the Holy Spirit.
Also, it is believed that the Torah was created before the world was created: The Power of Words.
It seems to me the pre-existence belief is probably at the root of Isaac Newton's and various Rabbis' that the Scriptures are encoded. Equidistant Letter Sequencing (ELS or Bible Codes) was an attempt to decode serially (one dimension.)