While that is certainly a good alternative explanation, it is a new one, which I don't subscribe to. Joseph Smith, John Taylor, Joseph Fielding Smith, Harold B. Lee, and other prophets all taught specifically about the literal division of the earth shortly after the flood, and it's coming together again at the 2nd coming. It is the unchanged correlated teaching in the institute manuals, and is not figurative.
". . . the Eternal God hath declared that the great deep shall roll back into the north countries and that the land of Zion and the land of Jerusalem shall be joined together, as they were before they were divided in the days of Peleg. No wonder the mind starts at the sound of the last days!"
"...That it comes to open the way for Zion to rise and put on her beautiful garments and become the glory of the earth, that her land may be joined, or married (according to the known translation of Isaiah) to Jerusalem again, and they be one as they were in the days of Peleg."
"How far the flood may have contributed, to produce the various changes, as to the division of the earth into broken fragments, islands and continents, mountains and valleys, we have not been informed; the change must have been considerable. But after the flood, in the days ofPeleg, the earth was divided.—a short history, to be sure, of so great an event; but still it will account for the mighty revolution, which rolled the sea from its own place in the north, and brought it to interpose between different portions of the earth, which were thus parted asunder, and moved into something near their present form; this, together with the earthquakes, revolutions, and commotions which have since taken place, have all contributed to reduce the face of the earth to its present state; while the great curses which have fallen upon different portions, because of the wickedness of men, will account for the stagnant swamps, the sunken lakes, the dead seas, and great deserts."
" . . . after the flood, in the days of Peleg, the earth was divided.—See Genesis 10:25,—a short history, to be sure, of so great an event; but still it will account for the mighty revolution, which rolled the sea from its own place in the north, and brought it to interpose between different portions of the earth, which were thus parted asunder, and moved into something near their present form . . .”
Joseph Fielding Smith:
"We read in Genesis that in the beginning all of the land surface was in one place as it was in the days of Peleg,22 that the earth was divided. Some Bible commentators have concluded that this division was one concerning the migrations of the inhabitants of the earth between them, but this is not the case. While this is but a very brief statement, yet it speaks of a most important event. The dividing of the earth was not an act of division by the inhabitants of the earth by tribes and peoples, but a breaking asunder of the continents, thus dividing the land surface and creating the Eastern Hemisphere and Western Hemisphere. By looking at a wall map of the world, you will discover how the land surface along the northern and southern coast of the American Hemisphere and Europe and Africa has the appearance of having been together at one time. Of course, there have been many changes on the earth’s surface since the beginning. We are informed by revelation that the time will come when this condition will be changed and that the land surface of the earth will come back again as it was in the beginning and all be in one place. This is definitely stated in the Doctrine and Covenants in the following words:
When the Lamb shall stand upon Mount Zion, and with him a hundred and forty-four thousand, having his Father’s name written on their foreheads.
Wherefore, prepare ye for the coming of the Bridegroom; go ye, go ye out to meet him.
For behold, he shall stand upon the mount of Olivet, and upon the mighty ocean, even the great deep, and upon the islands of the sea, and upon the land of Zion."