Does the bible count as a work of comparable literary merit on the third ap lit essay & can i analyze it there?
No
The question states "You may choose a work below or another appropriate novel or play of similar literary quality ” The Bible is neither a novel nor a play.
That said, the work(s) chosen may have biblical allusions for which knowledge of the Bible is helpful in answering the prompt.
I took AP Lit this year, and as @skieurope said, I don’t believe you can, as the Q3 is limited to the literary classics named by the College Board. You can find the book list on their website, and on many of the past Q3 questions they have published. That said, many of these classics have biblical allusions (e.g. Frankenstein, Paradise Lost, etc), thus having some knowledge on the content of the bible may aid you in analyzing those books thoroughly.