Yes, as opposed to religious literacy. Which, on top of being pointless, can easily be pursued in one's own time in places of worship instead of public schools.
I wouldn't oppose replacing RE, but good RE - when taught in UK schools - isn't about the stuff you were learn in a place if worship. It's about learning about the common and different things about religions, abnout different creation myths etc. It's quite an interesting piece of cultural learning - especially in a mulrticultural society - and I'm an atheist.