Dharma, Artha, and Kāma together are known as Trivarga (त्रिवर्ग).
Dharma is not falsely glorified, indeed it is the means to realize the other Puruṣārthas, and not otherwise. In that sense, Dharma is the foremost. Artha and Kāma when done in accordance with the Dharma may be called equally important, and not otherwise.
Also, note that each person, in their different stages of life has different dharma. A student cannot pursue Artha and Kāma, and neither can a forest hermit or an ascetic. So, it is Dharma that guides us throughout, across all stages and situations in our lives, and hence it is the most important. Even, Mokṣa is realizable only through Dharma.
Quoting from Kūrma Mahā-Purāṇa 1.2.51-63
varṇāśramavarṇanaṃ, pūrvavibhāge, dvitīyo'dhyāyaḥ, Kūrma-purāṇa
परित्यजेदर्थकामौ यौ स्यातां धर्मवर्जितौ । सर्वलोकविरुद्धं च
धर्ममप्याचरेन्न तु ॥ २.५१ ॥
- One should abandon the Artha (pursuit of wealth) and Kāma (desires or lust) that are devoid of righteousness (Dharma). If a holy act is against
the interest of other members of the society, it should not be
धर्मात् संजायते ह्यर्थो धर्मात् कामोऽभिजायते । धर्म एवापवर्गाय तस्माद्
धर्मं समाश्रयेत् ॥ २.५२ ॥
- It is Dharma which is the source of Artha and even of Kāma. Righteous conduct (Dharma) is conducive to emancipation from Samsāra.
Hence one should resort to Dharma.
धर्मश्चार्थश्च कामश्च त्रिवर्गस्त्रिगुणो मतः । सत्त्वं रजस्तमश्चेति
तस्माद्धर्मं समाश्रयेत् ॥ २.५३ ॥
- Dharma, Artha and Kāma are together called Trivarga (the three main objectives of worldly life). They consist of the three Gunas viz.
Sattva, Rajas and Tamas. Hence one should resort to Dharma.
ऊर्ध्वं गच्छन्ति सत्त्वस्था मध्ये तिष्ठन्ति राजसाः ।
जघन्यगुणवृत्तिस्था अधो गच्छन्ति तामसाः ॥ २.५४ ॥
- Those who adhere to Sattva-guna (i.e. Dharma) go to higher regions, those who have Rājasic qualities (i.e. Artha) stay in the middle, those who possess Tamasa
qualities (i.e. Kāma) go down to lower regions, as they indulge in a mean type of
यस्मिन् धर्मसमायुक्तावर्थकामौ व्यवस्थितौ इह लोके सुखी भूत्वा
प्रेत्यानन्त्याय कल्पते ॥ २.५५ ॥
- A person, in whom Artha and Kāma live side by side supported by Dharma, becomes happy in this world and becomes entitled to infinite
nature (eternal salvation) after death.
धर्मात् संजायते मोक्षो ह्यर्थात् कामोऽभिजायते । एवं साधनसाध्यत्वं
चातुर्विध्ये प्रदर्शितम् ॥ २.५६ ॥
- Dharma is thus the source of salvation and the Kāma originates from wealth. Thus in the fourfold objectives of life, mutual
inter-dependence has been demonstrated since those objectives are
both the ends and the means.
य एवं वेद धर्मार्थकाममोक्षस्य मानवः । माहात्म्यं चानुतिष्ठेत स
चानन्त्याय कल्पते ॥ २.५७ ॥ तस्मादर्थं च कामं च त्यक्त्वा धर्मं
समाश्रयेत् । धर्मात् संजायते सर्वमित्याहुर्ब्रह्मवादिनः ॥ २.५८ ॥
- to 58. The man who knows thus all about Dharma, Artha, Kāma and Mokṣa and maintains their greatness, becomes entitled for eternity.
Hence one should eschew Artha and Kāma and resort to Dharma. The
expounders of the Veda state that everything accrues from Dharma. The
whole universe consisting of the mobile and immobile beings is
sustained by Dharma.
English Translation by Motilal Banarsidass Publishers
To Conclude -
Dharma is not falsely glorified, it is rightfully the essence of existence. In fact, it is Dharma that sustains everything, and thus it is much more important than Artha & Kāma. God descends every time on Earth to uphold & protect Dharma only (BG 4.8), not Artha and Kāma.
Artha and Kāma are to be only pursued if they're in accordance with Dharma and not otherwise. They're not equivalent to Dharma. In fact, Artha and Kāma are to be regulated with Dharma and must be taken as 'mutually inter-dependent' means in the journey to achieve Mokṣa.