The Bible is only considered the inerrant written word of God because the Catholic Church said so. Any written document cannot be, in and of itself, an authority, but rather a resource. Jesus gave his authority to decide matters of faith and morals to his Apostles. Indeed, he never asked them to write Gospels or Epistles. The only book of the NT that Jesus commanded be written was Revelation. Jesus commissioned his Apostles to go into the whole world to baptize and to teach. Most of what the Apostles taught was given orally. We only have the NT because some of them wrote down their teachings. We know what is true based on what the Magisterium of the Church (all the bishops of the Church in union with the pope) declares true. They definitely look to the Bible for guidance, but they also pray and rely on the Holy Spirit’s guidance, fulfilling Jesus’ promise that his Church would be guided into “all truth.”
I’m afraid not.

The Bible is a part of Sacred Tradition of which the oral teachings passed down through the Church, the Early Church Fathers and the living Magisterium is also a part. The Bible was compiled by the Church so that all its dioceses and parishes would be using the same texts in the Church’s liturgies (the prayer life of the Church), as well as for study and private devotion. The Bible is not primarily a theological work, in the sense that it doesn’t list what we are to believe. It’s a resource not an authority.
Not for me, it wasn’t. I had such a one-sided impression of what I should believe from being a member of a Bible-only faith community that I couldn’t trust the Bible. I didn’t realize at that time that the so-called Bible-only beliefs were actually men’s interpretations based on their own presumptions and not on what the Bible actually teaches. It was like feeling your way in the dark until I understood that God gave his Church the authority to decide faith and morals. That the Church, not the Bible is the “pillar and foundation of the truth” (1Tim.1:3).
Catholics do not base their beliefs on the Bible. Rather, the Bible is a witness to the truths taught by the Church. Protestants who reject Marian teachings aren’t doing so because of what the Bible says but because they simply don’t want to be believe them. They use the Bible as a proof text for finding what they already want/don’t want to believe. That’s the wrong use of the Bible, which is why they can’t agree among themselves about many major issues such as Mary’s place in God’s plan of salvation, the necessity of baptism, or even the divinity of Christ.