The text could be thought of as not being the result of observation, in a way correct, but that does not apply by extension to the majority of the texts in the bible.
The speaker was comparing his tendency to fall toward the centre of the earth (which he would not know) with the fact that the earth apparently did not. The writer thought that the major attractor is the earth, not the Sun above during daytime. He did not know that the Earth circles the sun, and
by gravity would have a tendency to "fall" up to it. As it is, it is the energy of motion that balances the gravity. A pull out ward. The Earth hangs on energy. Energy is not nothing.
If there were more bible texts like that we would have food for thought. Even Genesis 1:1 is wrong, 1 or 2 out of ~30 000 is not a good record. not inspirational.
PS. The writer had it all wrong. The danger for the Earth is not to fall down, but up toward the sun. It needs not to be hung from a sky hook to keep from falling, but pulled down, outward. Unless you are writing in the dark, at night.