I would say that the "appeal to time, history, and culture" is an essential part needed to give meaning to the text. So my view is that the legitimacy of hermeneutics is not the problem. The problem is when hermeneutics becomes disconnected from the Holy Spirit.
Another problem (which I think you may be hinting at) is when the application of the text to our daily lives is not talked about. Doing only exegetical hermeneutics to find correct doctrine becomes stale and useless if the faith is not lived out. Any unbeliever can give mental assent to a list of doctrines just as well as a seasoned, mature saint of God can.
However, a person must understand the meaning of the verse before the proper application can be found. Otherwise your application may be coming out of wrong doctrinal premises.