SS
The PMP exam is a test on the Project Management Body of Knowledge. That is, every question is to be answered from the perspective of the PMBOK guide, not your own personal experiences. So, the understanding the PMBOK guide is essential to perform well on the exam.
I didn't "read" the PMBOK guide as I prepared. I purchased and used the margins as a note-taking area as I went to the lectures on the PrepCast. By doing that, I could read the PMBOK while listening to its application from the lecture.
Yes, the task is daunting, but it's doable. Good luck!
Harry