It, in fact, destroys religion. It is absolutely ludicrous. The concept, however, does nothing of the kind. The concept has been around for a long time. Panentheism is not a religion, it is a concept.
Panentheistic believers exist in almost all religions or lack of religion.
Panentheism can and does coexist with all aspects of our thoughts and creative concepts. It is not something that stands on its own, but rather enriches what already exists in terms of cultures, religions, scientific concepts, philosophies, etc. Understanding how a force can be omnipotent, omnipresent, and omniscient at the same time as not being so. This has been a paradox to religions and to ourselves. It has kept us in the dark regarding our purpose in reality.