That is a good way to get some ancient wisdom, and sometimes some incidental history, but it's surprising how little it will inform you about what those religions teach in contemporary practice. I don't think I could read the Bible and derive from it anything like the range of modern Christian belief and practice.

Having done this myself (at least for the Bible) I would disagree with this advice. The texts are very old and were written in the context of a very different culture. There is a lot of important context that the authors assume the reader has, and a modern reader simply lacks that context. Without a good commentary a lot of it will just go over your head and some parts will be misinterpreted.

I don't think that reading scripture is actually all that helpful in understanding the "history and evolution of religion", which is what was asked for. The bible has remained mostly unchanged for 1,600 years or so, but interpretations have varied substantially (also note: there was no "bible" for the first 400 years of Christianity, at last not how we understand it today).

Of course, it helps to be familiar with scripture, but there's quite a bit of it and it's quite frankly not a particularly easy read (New Testament is a bit better than the Old). It's not where I would start – understanding the history of religion is more about history than religion.

I would also suggest modern translations of the texts

After the Bible & The Quran, Reza Aslan’s “Zealot” (Christianity) & No god but God (Islam) provide some great historical context.