On balance, he was probably just manipulating Ar-Pharazôn
One of my all-time favourite of Tolkien's essays, "Notes on Motives", discusses somewhat Sauron's purposes in setting up "false" religions; most relevant, I think, is this bit:
[Sauron's] cunning motive is probably best expressed thus: To wean one of the God-fearing from their allegiance it is best to propound another unseen object of allegiance and another hope of benefits; propound to him a Lord who will sanction what he desires and not forbid it.
History of Middle-earth X Morgoth's Ring Part 5: "Myths Transformed" Chapter VII "Notes on motives in the Silmarillion" (i)
It was useful for Sauron to present Morgoth as the kind of God who would let Ar-Pharazôn do something he wanted to do anyway; namely, to revenge himself upon his ideological enemies (and recall that the Faithful had been ideologically opposed to the Kings for quite a while at this point, with only a short break during the reign of Ar-Pharazôn's predecessor, Tar-Palantir).
Sauron's ultimate purpose is also revealed in this essay: he wants to subjugate and dominate the Númenóreans, and bend them to his will:
Sauron was not a 'sincere' atheist, but he preached atheism, because it weakened resistance to himself (and he had ceased to fear God's action in Arda), as was seen in the case of Ar-Pharazon.
[...]
[T]hough Sauron's whole true motive was the destruction of the Numenoreans, this was a particular matter of revenge upon Ar-Pharazon, for humiliation. Sauron (unlike Morgoth) would have been content for the Numenoreans to exist, as his own subjects, and indeed he used a great many of them that he corrupted to his allegiance.
History of Middle-earth X Morgoth's Ring Part 5: "Myths Transformed" Chapter VII "Notes on motives in the Silmarillion" (i)