More to the point, can the conflicting interpretations of the Bible be both true and false at the same time?
It depends on how you mean this. If you mean can two interpretations of the same verse both be true, usually not. Think about it this way; someone wrote that verse down, and when they did they had one particular thought in mind they were trying to convey. Without them here to ask, the best we can do is try to place their words in a proper context, culture, and setting and see what it tells us.
For example, you pick up the newspaper and read a story about a man who walked home from his base. If I told you that this was a story about a person in the military, it would have a different meaning to you than if I told you it was a story about a baseball game, because the word “base” would have a totally different context. This is why some people do interpret the same verse to mean different things. The one that springs to mind is the verse about no longer performing works. Some take this to mean you simply don’t have to perform any works; others frame it in the context of the words being aimed at Jews, thus it describes performing works
of the (Jewish) law.
Another way you could mean this is, can a person get more than one meaning out of a particular set of verses? Sure they can. The parable of the Prodigal Son can mean God has a redeeming plan for us, but we must chose it. It can demonstrate God’s love, or God’s forgiveness. It can mean no matter how low we may go, we can always turn back to God. Someone else might find 100 other meanings in the same parable.
As a general rule, where conflict arises is when a verse gets isolated and picked apart in such a way that it puts it in conflict with what the rest of the scriptures teach. The Bible is meant to be in harmony, not discord, so you can’t have one verse over here saying X is good and another verse over there saying X is sinful. One of those two interpretations is not right.
Applying too much of a literalist sense to scripture when it isn’t necessarily meant also causes error. When we read about “the whole town was gathered at the door,” are we to take that as every single man, woman, and child bar none was at the door, or do we take it as a common hyperbole to mean a lot of people were there, so many
it was as if the whole town showed up? Taking things too literally leads to outrageously silly doctrine. Jesus calling Himself “a door” for example, or admonishing people to not pray publicly like the Pharisees, to “go into the closet and close to door to pray.” Was Jesus really made of wood? Are we to pray in dark closets only?