Yes, I would say it is more of a philosophy.
An example, such as applying the theories in real life....living with nature and understanding cycles of it is the practice of it. Traditional Chinese Medicine practices are all Daoist principles and teaching.
Then you also have Qi Gong which uses Daoist theories to strengthen the physical body.
Then there is a deeper side such as connecting with the Dao, which is the spiritual side.
True Daoism doesn't worship spirits which some of the Modern Daoist practice do, which becomes a religion. That's a big No-No. In China, they are scam artist. The most common scam that some of these Daoist monks are doing is tricking people in giving them money so that they can align the energy to give good luck. Some of these Daoist monk act like shamans that claim they can manipulate the energies of the universe.
The more despicable thing is tricking underage girls to have sex with the Daoist monk to give good luck.