No, it's a method of Bible study that recognizes the distinctions God has put, or made, in His Word. That way we can enjoy and get the profit from God's Word that He has put in it. Unfortunately, too many are like your Mormon analogy, you can be Scriptural and still out of the will of God.
Nice to have a point of agreement! It's not enough to "believe the Bible." Mormons, JWs, Moonies, and unitarian pentecostals all "believe the Bible." Christians believe what the Bible teaches as well. Now, the foundational creeds of the church are handy summaries of what the Bible teaches concerning God, man, salvation, and eschatlogy. The creeds affirm that our Lord will physically return and we will be raised. The creeds have little to say beyond that, however, concerning the anticipated course of history.