Yes, the book is just a bunch of random characters. As for an actual translation, we do have a few:
This is Bthuand Mzahnch's refutation of a popular theory from Nerevar's time. A few tones of Dwemer believed that using the power Lorkhan's Heart involved unjustifiable risks. "The Egg of Time" summarized many of Bthuand's arguments against this idea, many of which are quite compelling.
-Baladas Demnevanni
By refreshing my memory with "Divine Metaphysics," I believe I can explain. The Dwemer were not unified in their thinking. Kagrenac and his tonal architects, among them Bthuand Mzahnch, believed they could improve the Dwemer race. Others argued that the attempt would be too great a risk. The war with Nerevar and the Dunmer may have led Kagrenac to carry out his experiments prematurely. Although this book argues that nothing disastrous could result, the disappearance of my race argues otherwise.
-Yagrum Bagarn
Given what we know about the fate of the Dwemer, it's very possible that Bthuand Mzahnch's arguments were not incorrect, but rather did not take into account the comparatively simple problem that ultimately screwed the Dwemer; Chimer interference.