The whole chapter reads like a denunciation of Watchtower teachings. Especially verse 16 (NWT), which reads

Therefore, do not let anyone judge you about what you eat and drink or about the observance of a festival or of the new moon or of a sabbath

Which rather plainly counters teachings about Christmas, Easter, blood, etc. It doesn't stop there though. This isn't just a matter of a few restrictions, the chapter continues

Those things are a shadow of the things to come, but the reality belongs to the Christ. Let no man deprive you of the prize who takes delight in a false humility and a form of worship of the angels, “taking his stand on” the things he has seen. He is actually puffed up without proper cause by his fleshly frame of mind, and he is not holding fast to the head, to the one through whom the whole body is supplied and harmoniously joined together by means of its joints and ligaments and made to grow with the growth that is from God.

Paul here says that the ones pushing against such things are not only engaging in "false humility" but are apart from the "head," which any good JW will tell you is Jesus.

In other words, not only is the Watchtower's approach to interpreting the Bible wrong, it is so wrong that the Bible itself denounces those who took that approach in ancient times and take the same approach today!