Is that an appropriate interpretation of that passage? No, it's not and let's see why not.
In the O.T. we see that Moses, Abraham, and Job interceded on behalf of others... that's mediating between God and man. We know that it is okay to ask others here on earth to pray and intercede for us.... that's mediating between God and man. So, I think, once again, we have a situation where a passage of the Bible is being misinterpreted and misunderstood.
There is only one mediator between God and man, the man Jesus Christ, but as members of the Body of Christ, He allows us to share in His mediation.
Also, Scripture tells us that we have only one foundation, Jesus Christ (1 Cor 3:11); but, Scripture tells us that there is more than one foundation (Eph 2:19-20). Scripture tells us that we have only Lord, Jesus Christ (Eph 4:4-5); but, Scripture tells us there is more than one lord (Rev 19:16). Scripture tells us that we have only one Judge, Jesus Christ (James 4:12); but, Scripture tells us there is more than one judge (1 Cor 6:2).
Contradictions in Scripture? No! Not when these passages are all properly understood in context. Jesus is the only foundation; Jesus is the only Lord; and Jesus is the only Judge. But, we are members of Jesus' Body. Therefore, we are able, according to the graces given by Christ, to share in Jesus' role as foundation, as lord, and as judge, and in other aspects of Christ, as well. Another example, as a father I share in God's role as Father, by His grace. And, so also, we, and the saints in Heaven, and the angels in Heaven, can share in Christ's role as Mediator.
