Yes, that would be it. Something C.S. Lewis pointed out was that once somebody makes a focus for their worship they immediately tie that and the worship together, which lends importance to the symbol when in fact the doctrine/prayer/devotion is the important thing. As for the point of crucifixes and prayer beads...yes, the literature seems to say that they are foci and nothing more. However, if I recall correctly that praying the rosary is a sacrament and therefore having and using a rosary is sacred - which by extension makes the rosary sacred. The Eucharist and the doctrine of trans-substantiation are idolatrous as well, to a much greater extent, and it's a much better example of what I'm talking about.
The lyrics in general are anti-materialist in a broad sense, as I mentioned before. Water and gold are both mammon whichever way you slice it. The consecration of one by clergy does not change its nature, and does not make it worthy of reverence.