A speculative second look. A convoluted explanation that the word may be
aspect
My front was revered in olden times.
asp - in ancient Egypt, one of several venomous snakes which was a symbol of royalty, including the Egyptian cobra represented by the revered goddess Meretseger.
My back brings life to many.
ECT - Electrochemotherapy or Electroconvulsive therapy may be said to bring life to quite a few.
My middle is not really correct.
Spec - Wikipedia gives this as short for Speculative evolution, which is not the accepted natural evolution. This page says: 'However, speculative biology is not the same as xenobiology —it is a larger, distinct concept, which includes the alternate evolution of life in any scenario, terrestrial or extraterrestrial'. What prompted this answer was Orphevs's profile - a Xenobiology artist!!!
Hint 1
I can be described as a thing on my own, or as a feature of something else.
The definition of aspect - a particular part or feature of something.
Hint 2
My middle is not really correct. refers to the partial word, but can be taken quite literally too.
'Spec.' is an abbreviation so is not literally correct as well as not scientifically correct.
Attempt 1: A quick thought is you are a
racer - an animal/vehicle for a speed contest or a gun carriage's rail.
My front was revered in olden times.
Ra - the Egyptian sun god.
My back brings life to many.
ER - Emergency Room - resuscitation and in general saving lives.
My middle is not really correct.
c - circa abbreviation for approximately preceding a date.