Yes, a lot of people put too much stock into religion. People use religion to control their thoughts and actions as well as try to control the thoughts of others. Religion can be used to mean anything that the believer wants it to mean so it can be used to justify anything.
While I have nothing wrong with people believing in higher powers, I do think this world reads too much into the writings of religions and their pasts. These texts have been adapted and changed throughout the years, so if we don't also change and adapt our views with the religions, we'll probably continue to rely too heavily on these beliefs.
Religion plays an important part in the lives of many. Many wonderful charities that help the less fortunate are sponsored by religious institutions. Also, some of the country's largest hospital systems and universities were founded by religious institutions as well. Life can be tough at times, and its nice to have something that is bigger than one's self to turn to for comfort. In short, no, we do not put too much stock into religion.
While I am personally not a very religious person, I don think it can b said that we put too much stock into religion. Many people hold their religious beliefs very dearly. If those beliefs help those people to be better human beings or to get through tough times easier then in my opinion it cannot be said religion is valued too greatly.