Sure. That still doesn't mean "word-by-word". It simply means that when (or as) it is read, the characters burn away.
Besides, if the characters burn away as they are read, they you would have to cast the scroll blindly. You could never really know what the scroll is because the title would burn away as your eyes scan the scroll to see what it is.
Feel free to play it that way; it's your game. On the other hand, as I already said, I'm a soft GM. I'll let my players figure out what the scroll is and won't consume the scroll until the magic is released. Again, this is just my implementation. But it is still in line with that sentence from the rule book, from a certain point of view.
