Catholic here, your first assessment is correct. The Pope is basically the president of the Church, he mediates and keeps order between all the other Bishops and writes a book every once in a while. In fact, Papal infallibility hasnt been invoked in about a century, which is the only situation in which he has to be taken seriously (Unless your a priest, because he's your boss).

Second assessment is incorrect, as the current Pope would likely burst into flames if he even tried to touch a Catholic Bible.