Do the earlier books of the Old Testament promote a monolatraic view rather than a monotheistic one?

Most Christian sects which hold the Bible to be true typically state that the Bible refers to one God and one God only, YHWH. There are very few sects which acknowledge the Bible as revering or even acknowledging other deities in any way. However, when I read the Old Testament, there are numerous references to other deities such as Chemosh, Asherah, etc who are spoken of as if they are real entities, not something that is made up. Of course the New Testament frequently says there is only one God. But the Old Testament seems to be more in favor of monolatry.

So is the Old Testament a more monolatraic work which poses the existence of multiple deities, with YHWH as the best? Or have I simply misunderstood a genuinely monotheistic work?