I've read the bible so I know the insane things in it, I've not read the book of mormon so I get the insane things second hand from things like southpark. Both are insane, just one is more recent. In a few hundred years they'll probably be held in the same regard.
The prophecy escape hatch doesn't strike me as any different than the Christian reinterpretation escape hatch. If something doesnt jive with wider society or fit a church goal then you just reinterpretate that portion or better yet over ride it with a contradictory passage.
Reinterpretation? Care to elaborate on what you think is be reinterpreted? Or what passages you think contradict?
Are we talking about esoteric stuff like end times? Or Baptism? Or just the general misunderstanding about the the law? (e.g. why was shrimp bad, but now it's good?) Of course, I can only speak to Protestantism, and (...sorry TLex), I'll quickly claim that the RCC doesn't just reinterpret, they completely add things.
Now, if you're speaking to "progressive" churches that are LGBTQ affirming, then yeah, that's reinterpretation; and in many cases it's just plain defying the text.