"The fear of the LORD is the beginning of knowledge, but fools despise wisdom and instruction." Proverbs 1:7
Knowledge and wisdom are closely tied together in terms of meaning. Knowledge is the acquired truth we know about the world, us as creations and God-our magnificent Creator. Wisdom is the application of the knowledge we have.
How then can we give less importance to the knowledge of the Scripture if it is where we get our wisdom in walking a life pleasing to the Lord? Through His Word, we know how boundless his love, grace and mercy upon us- that despite our sinfulness, He initiated the act of our redemption and saved us.
How can we say that we know Him if we don't know His Word? What is the basis of our knowledge of Him if we just read the Scripture for the sake of reading it? God revealed Himself through His Word by the illumination of the Holy Spirit in our hearts. In a common sense, studying leads to a deeper knowledge of that something. And so is with God's Word. Studying the Scriptures means knowing the Author Himself deeper.
Now, is it right to say that we should concern our knowledge of His Word on those that could only "apply" to our lives? If that would be the case, then the Bible is no more than a reference of "to do" and "not to do" list- not much of a difference to the use of those self help books that motivates you to push harder and get what you want. God has a purpose why Paul wrote these words in 2 Timothy 3:16 "All Scripture is God-breathed and is useful for teaching, rebuking, correcting and training in righteousness, so that the servant of God may be thoroughly equipped for every good work." So how much of the Scripture is God-breathed and useful? ALL. How clearer could that be? Besides, if we consider ourselves Christians then our whole life should directly point to Jesus-every day in every aspect. I cannot think of any book in the Bible that is not related to my Christian life. Genesis to Revelation covered it all, and that's one of the wonders of the Scripture; too old yet always updated to empower one's faith.
Of course, Jesus is not a figure to be studied and be an expert with; nor Theology a subject to master, something like a set of principles to be practiced for a better life. Without the quickening of the Spirit in our hearts, nothing can be changed. That is why it was said,
"these are the things God has revealed to us by his Spirit. The Spirit searches all things, even the deep things of God." 1 Corithians 2:10
And as He teaches us, His precepts are not just exercised outwardly-to avoid failure in life; but His ways must be written in our hearts, deeply penetrated within our souls thus to truthfully walk in His light- not through our own but by the working of His Spirit. We follow the Word not because it will give us success. We follow it for the sake of Christ. Because we love the Lord.
"For this is the love of God, that we keep His commandments; and His commandments are not burdensome." 1 John 5:3
"Therefore, as you received Christ Jesus the Lord, so walk in him, rooted and built up in him and established in the faith, just as you were taught, abounding in thanksgiving."
I quote Matthew Henry, "The soul prospers when we have clear knowledge of The truth as it is in Jesus." and "Knowledge and faith make a soul rich." The Lord had freely and graciously given us the wisdom through His Word. It is not hidden from us but for us. Without the understanding of His Word, how can we live our lives pleasing to Him? How can we know His will? How can we discern the truth from the lies? God had given us no other surer source than His Word. No other word but His Word alone. So where are you basing your beliefs, brethren? Stop chasing "new revelations" for all has already been revealed through the Holy Scriptures!
"Every word of God proves true; he is a shield to those who take refuge in him. Do not add to his words, lest he rebuke you and you be found a liar." Proverbs 30:5-6