Play featuring titled figure generally marginalised by holy books (4,4)
I believe the answer is:
peer gynt
'play' is the definition.
(Peer Gynt is a play by Henrik Ibsen)
'titled figure generally marginalised by holy books' is the wordplay.
'titled figure' becomes 'peer' (someone with an aristocratic title).
'marginalised' says to hollow out the word (remove centre letters) (only the margins of the word).
'by' means one lot of letters go next to another.
'holy books' becomes 'NT' (New Testament).
'generally' with its centre removed is 'gy'.
'peer'+'gy'+'nt'='PEER GYNT'
'featuring' acts as a link.
(Other definitions for peer gynt that I've seen before include "Titled hero" , "Ibsen play (for which Grieg wrote music)" , "Ibsen drama" , "Solveig loved him (Ibsen)" , "(Son of Ase in) Ibsen play" .)