Catholics would also argue that the Bible has the added advantage of having its meaning reinterpreted by Papal edict. This arises from Jesus giving Peter the power to have what he "bounds" or "looses" on earth do be so "bound" or "loosed" in Heaven. This does mean that while there are moral absolutes which cannot be overturned, cultural practices and social mores can be reinterpreted according to more modern thinking. It does therefore, or at least can, lead to a less fundamental, extremist view of the Bible.
Yes that's a good point. And of course according to Protestants the idea is that people can to a point interpret scripture themselves, which of course might not always be a good thing but it does mean as you say that it can be progressive and applied to different cultures.