It's clearly not talking about the roman catholic church because it was written before the institution even really existed and certainly well before it had any power. If you were talking about it in the prophetic sense, your interpretation fits better but so would many others.

In my opinion its pretty clear that the guy (or guys) that wrote it was completely batsh*t crazy and that trying to make sense of the whole thing is a waste of time.
Personally I think the world would have been better off without the book of revelations, as it seems to be the number one source material for the more ugly side of christianity, ie like preachers who just condemn everyone as sinners or the people who kill abortion doctors.