Hmm I may agree to some extent. Personally, I don't think you can miss if you incorporate both strategies.
Aim for an early religion or two first, because code of laws and currency take far longer to get if you try to beeline them, stunting your science growth.
To make it easier, maybe try polytheism and monotheism, claim as many techs like agriculture and pottery as possible. Then beeline code of laws and Oracle your way into theology. Or vice versa, oracle your way into code of laws and research theology. Whip yourself a mess of workers and settlers, and focus on one or two types of missionaries at a time. Don't worry so much about spreading EVERY faith. You will only get one or two holy shrines without serious effort. Your capital and perhaps one other city should focus on the proper wonders. It's a difficult journey, and it works best if you can have 6 cities sitting right on the border of your capital in good locations. In other words, spawning on a peninsula or tundra or in the middle of a desert is not your friend. The freshwater lake in the middle of a continent is your friend.
If you have a city dedicated to building workers and settlers, a city dedicated to building missionaries, a city dedicated to wonder production, and some of your capital's neighbors dedicated to cottage growth and merchants, you are sitting pretty.
When you have built your second holy shrine, preferably in the same city, turn a couple people into priests and try to get a third great prophet that way. The third always takes the longest, unless you have the 100% great people bonus.
At some point, if your neighbors are close, you will need a dedicated military barracks. Maybe aim for a former "missionary" city to do that, as it is most likely one focused on production, not commerce.
I say that a combination of the two strategies is good for business.