I think reading the Bible might help you understand some Western cultural and intellectual history. I'm not sure whether reading it is more valuable than using the time to read a good historian, though.
Personally, I would spend my time reading Kaufmann's "Critique of Religion and Philosophy" -- if I had to pick a good, general introduction to Western intellectual history.
If I wanted some profound wisdom literature, I think there are about a thousand to ten thousand books that are more profound than most anything in the Bible. In my opinion, the Bible is in itself a fairly second-rate work of wisdom literature. However, some of the commentaries on it are first rate. Read Aquinas, Maimonides, or Hillel, for instance.
Or -- again -- just read Kaufmann.
Whatever you do, good luck!