I don't think its helpful to occlude the facts: there is a reliable archaeology that the civilizations accounted for in the Bible actually existed. Does the archaeology substantiate the Biblical tales? Many of them, no, and some of them are flatly contradicted. Figures like the Patriarchs vanish into the mists of history and while many speculate that there was some kind of "Exodus-event", it certainly acquired legendary proportions.
But other keys events we are certain of: the Babylonian Exile, the historical existence of the Prophets, the Temple's reconstruction, the existence of a historical Jesus...
In my personal opinion, the Bible records historical events remembered according to their perceived theological significance. Faith, therefore, is a necessary prerequisite for reading the history of the region as bearing God's imprint.
This does not seem to me to be an immediate parallel to the state that the BOM finds itself in. Do students taking history, for example, learn of a mysterious civilization on North American soil in which the events of the BOM are purported to have taken place? Is even the historical context to be taken on faith?