No, I agree he's equivocating and creating a false dichotomy. Wallace struggled with addiction and alcoholism much of his life, and said that AA was a powerful force in attempting to turn his life around. So it's not surprising that he sees religion and materialistic self-destruction as two sides of one coin. For an atheist who is not particularly self-destructive and content with his choices in life, the quote above reads as not overly insightful outside of explaining Wallace's character.