That is spot on. Contrary to Protestant (and in particular Evangelical) belief, the Catholic Church teaches that there are four senses through which one can read Scripture: one is literal, while the other three are spiritual (allegorical, moral and anagogical) and can help us interpret Christ’s message and how we should or should not behave during our earhthly lives. This is the relevant section from the Catechism.

I am not familiar with Orthodox theology, but I would assume they would have a similar position on the topic.