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.
The one you would bite is not physically the same as the one you would wield.
The concept of wielding is important - don't disregard it as other answers have.
In the past I was worshiped symbolically not physically - but not in modern day