Yes, everything else is worthless when compared with the infinite value of knowing Christ Jesus my Lord. For his sake I have discarded everything else, Counting it all as garbage, so that I could gain Christ and become one with him. I no longer count on my own righteousness through obeying the law; rather I become righteous through faith in Christ. For God's way of making us right with himself depends on faith.
The verse tells us that it is not by strictly abiding the laws that we will be saved. For no one could ever follow them without flaw. Hence, it is through our faith that we may be saved. For it is not through our actions that we conquer salvation, but it is through our faith in our salvation that we act accordingly.