The New Testament clearly presents the person of the Father as the “only true God” (τὸν μόνον ἀληθινὸν θεὸν as per John 17:3; cf. 1 Cor 8:4-6; Eph 4:5-7; 1 Tim 2:5). Some may then ask, if the person of the Father “is the only true God,” ipso facto, Jesus can only be a “false” god (read: idol).
However, this ignores the biblical witness that there are (true) beings who are called “gods” (e.g., Deut 32:7-9, 43; Psa 29:1; 82:6, etc), not “false gods” or “idols.” Instead, the term “true” (Greek: ἀληθινός) in John 17:3 refers to God the Father being intrinsically God; as we know from texts such as Heb 1:3 and the unanimous consent of the Patristics, only the person of the Father is God in an underived sense (autotheos); the Son is divine based on His participation with the Father.
The “either Jesus is true God in the same sense of the Father, or he is an idol”-approach is nothing short of an either-or fallacy. For instance, in John 6:32, we read:
Then Jesus said unto them, Verily, verily, I say unto you, Moses gave you note that bread from heaven; but my Father giveth you the true bread from heaven (τὸν ἄρτον ἐκ τοῦ οὐρανοῦ τὸν ἀληθινόν).
Jesus is referred to being “true” bread, using the same adjective in John 17:3 (ἀληθινός). However, the bread (manna) the Israelites received in Exo 16 was not “false” or “non-existent” bread; however, it was not the archetypal bread that Jesus truly is, as only the latter can give eternal life to those who consume; the former could only satiate physical hunger and could not provide salvation.
John 17:3 is clearly a non-Trinitarian verse. The LDS view, that allows for a polysemic meaning to the term (true) G/gods is consistent with the entirety of the biblical witness, something that Trinitarian and Socinian theologies do not allow for. This “either-or” approach is based on eisegesis, as it is based on a common logical fallacy.