Imo, yes.
But, take it out of the religious context, and look at it morally. Is it making you feel valued and special, or cheap and unfulfilled?
Consider as well, you are 16. Engaged at 16 (I am sorry to say) will likely not lead to married. Sadly engaged at 16 is simply a way for many boys to convince a girl he's serious so she will more easily cross lines she's not comfortable with, as your question here points out perfectly.
Only do what makes you feel good about yourself. Do what you don't think you will regret should this engagement not pan out as you hope.