Of Eru

[Tirinor]

quote by Dûndurion

this world has the qualities of exactly what these religions teach against, such as a plurality of gods and that others can create:

You are right in one sense, it is not a direct allegory. but in another sense it works. Partly because it is done under the umbrella of the sovereignty of Eru, as noted in the famous quote - "no theme may be played that hath not its utmost source in me, nor can any alter the music in my despite." Another reason is that the gods do not rule men or elves. The humans may petition the gods simular to how Catholics petition the saints, but the do not appeal to them as their Lord.
And one more facet that reconciles the two is that the Valar's interest in humans and in nature, as reflected in the Ainulindale, is for Eru's glory not their own.