uhh no. Correcting for a more modern and easily understood sentence structure, it basically says this:

A well regulated militia is necessary to the security of a free state. A well regulated militia is the right of the people whereby they can keep and bear arms. A well regulated militia shall not be infringed.

See, it’s all in the full stop vs comma. Full stops indicate separate thoughts and ideas. Commas indicate additional information. If the second amendment meant what people seems to think it means, then it would be two separate sentences:
“A well regulated militia is necessary to the security of a free state.” FULL STOP, then “The right of the people to keep and bear arms shall not be infringed.”
But there is no full stop. This is one single sentence, with one single thought, but with two concurrent asides both describing what a militia is. Let me highlight them in brackets for you, one at a time:

“A well regulated militia (being necessary to the security of a free state) shall not be infringed.”
“A well regulated militia (the right of the people to keep and bear arms) shall not be infringed.”

The second amendment made the mistake of putting them both together, causing confusion. But lets see what you think of it written this way:

“A well regulated militia (the right of the people to keep and bear arms), being necessary to the security of a free state, shall not be infringed.”

Does that make a little more sense now? Still not convinced? Still believe that a militia and “the people” are entirely different things and so one can’t be used to describe another? Then let’s look at the definition of militia:
“A militia /m??l???/[1] generally refers to an army or other fighting force that is composed of non-professional fighters; citizens of a nation or subjects of a state or government that can be called upon to enter a combat situation, as opposed to a professional force of regular, full-time soldiers.”

Here we can see that a militia is, by definition, citizens or subjects (that is, “the people”) who are NOT formal or professional fighters (that is, not military).
So basically, a militia can ONLY be formed by “the people”. If it is not formed from “the people”, then it is not a militia; it is a professional fighting force, aka military.

The second amendment is both recognition of the peoples right to rebel against regulations (and hence, bear arms to do so), but not to terrorize or go to war with their neighbor (hence being well regulated, including specifically WHAT arms are at their disposal).

The second amendment ensures you can and always will have the right to bear arms. It does not ensure that you keep an AK-47 in an average suburban home.