For clarity, the biblical inerrancy angle is only at the root between young earth and evolutionary creationists, those who believe God kicked things off at the very beginning but has been hands-off ever since (the ultimate plate spinner). They believe that mindless evolution has resulted in the abundance of life, in agreement with the atheistic scientism community. Where the standard scientific narrative and biblical text conflict, they would take the position that the Bible got the scientific details wrong, thus do not uphold biblical inerrancy.
Biblical inerrancy is a straw man argument with respect to the old earth perspective. It demonstrates a fundamental misunderstanding of the old earth position. I as an old earth creationist believe the Bible to be fully inerrant, and I believe we are taking the biblical text more literally and less out of context than the young earth perspective. I'd be more than happy to flesh out the details, but to sum it up I believe both the following statements are true at the same time:
- The Bible is the inspired word of God and is completely free from errors in every topic on which it speaks.
- The universe is approximately 13.8 billion years old, the Earth is approximately 4.2 billion years old, and God created all of it in six literal "yom".