This is true, but needs further clarification. From my perspective, the only way Religious Studies as a discipline can "save the day" for a scholarly study of Mormonism is basically by abandoning any attempt at reconciling LDS teaching with reality, and examining LDS as a purely social or historical phenomenon. In other words, Religious Studies may in some sense legitimize the study of Mormonism, but only in a way that further feeds the NOM/DAMU.
This is precisely what I'm talking about. Religious studies takes a "meta" approach to religion, so it doesn't count as traditional apologetics. But I'd be careful about saying that it only feeds the NOMs. FARMS itself became so desperate that a couple issues back, an entire issue of the Review was devoted to postmodern interpretations of Mormonism. It's the issue Ray linked to in another post with pieces by Martin Marty and Midgley denying the importance of historical truth and so on. There are some FAIR apologists who are red-in-claw disciples of Joseph Smith and Mopologetics who for years have toed the line that critics are academically unfashionable because the Ivy League schools have all taken the postmodern turn in regard to religion. They greatly misinterpret the landscape, but you get their angle.
This is a smart move: If you can't win, go for a stalemate. If truth doesn't exist or doesn't matter anymore, than sure, we might not claim to be the only true church, but you can't tell us we're a false one that can't demand 10%. Religious studies has a real potential here for bolstering the faithful, tithe-paying membership, and could easily work into the longer-term PR project of the Church Hinckley started where foundational matters are back-pedaled from. I kid you not when I say the younger generation of GAs don't give a rat's ass about whether Joseph Smith saw JC in a grove. They care about tithing slips. And let us not forget, it wasn't a bunch of apathetic peace-loving hippies carrying Being and Time around in their backpacks during World War II. GA's will have no problem wedding their PR campaigns to celebratory scholarly works of Mormon identity that question the project of Truth and do not engage facts head on. Freedom from Mopologetics will be freedom from an irritating canker sore, as the cancer grows silently in the background.