Yes but in very large datasets, isn't it the case that you end up finding correlations for many things at very low p values? That is (one of the reasons) why effect size matters. Still, the "odds ratios are below 3" requirement seems excessive.
https://en.wikipedia.org/wiki/Texas_sharpshooter_fallacy
You need a specific hypothesis to test before you start examining (or better, collecting) your data for a p-value to make any sense.