I have teeth, but can be chewed.
I alone am worshipped, but those who wield me are too.
I reside among legends, but a myth I am not.
What am I?
Edit: Huge apologies as I was using yield and not wield. I think that may have been what was throwing some people off.
Hint:
The one you would bite is not physically the same as the one you would wield.
Hint 2:
The concept of wielding is important - don't disregard it as other answers have.
Hint 3:
In the past I was worshiped symbolically not physically - but not in modern day