By faith alone: wrong.
By scripture alone: wrong.
Endlessly reinvigorating the ever decaying corpse of our traditions, faith, and culture: correct.
The Bible is not the book of God, but the book of the Church and its expression of God through the lens of the community of God. Without tradition and history informing you why and how and what the Bible means, your reading of it will be fractured and incomplete. Only by observing the tradition, and the history which gives us such traditions can we get in touch with what Christianity actually is. It is called a living religion for a very obvious reason: go and live it, take part in it and learn by wrapping it around your being. Come and see, and you will find.
‘7 Reasons that Reading the Bible = Tradition’ by Fr. Andrew Stephen Damick –