Of course it does. It works on exactly the same principle as the Tree of the Knowledge of Good and Evil ─ you eat the fruit, you get the result, until then you don't. Why else would you need a Tree of Life?
The reason both of these trees were in the garden of eden was to provide Adam and Eve with a choice. They could choose one or the other and the theological reason why is because of the charge that Lucifer made against the God of heaven before he revolted. The Bible tells us quite clearly that the earth is the place in the universe where this is playing out. Quite a number of individuals also believe that it is likely that these two trees were/are also found on other worlds as a constant test of their loyalty too.
An interesting thing about these two trees is when were they removed from this planet?
I am not sure the Bible specifically says they have been removed, however, if an angel was placed at the entrance to the garden of Eden to prevent access, then i would suggest that both trees were either removed miraculously or destroyed during Noahs Flood.
What we do know is that the bible makes the statement that Christs death on the cross was a single event only. He died once in order to make atonement for sin. Some may argue that is only on this earth...however, if the claim Lucifer made against God, and the subsequent revolt was heavenly, then the rest of the universe were clearly looking on. It therefore seems logical to also conclude that Christs atonement on the cross is universal rather than merely local. It could also be evidence to suggest that only this planet has ever fallen into sin. Either way, the tree of the knowledge of good and evil is no longer here.
In addressing your last statement about Noahs flood, creation etc, all being a myth...here is the problem with your claim.
1. We know for a fact that New Testament Gospel writers really existed...the apostles existence is without question.
2. We know from both Jewish and external historical sources that the biblical narrative of the history of Israel is relatively accurate...so the kings of Israel existed as the bible claims. We have lots of archelogical artifacts and other evidence that prove this...such as Hezekiahs water ducts (Siloam tunnel), the destruction of Herods temple by the Romans, the babylonian empire, rulers of Medo Persia...even kingdoms such as the hittites where for many years the only evidence in support of this race of people was the bible (until archeological evidence was discovered that also supported the bible claim).
3. whilst many modern scientists scoff, there is an ever increasing flow of evidence that supports a global flood event. Similar rock layers found in different regions of the world that were clearly deposited at the same time is but one significant example.
4. Even the claim that dinosaurs could not have existed alongside humanity is now being discredited...a classic example is the motif in an asian temple (Ta Prohm in Cambodia) of what appears to be a dinosaur (possibly a stegosaurus or similar creature) . Yes i have read the counterclaims however, if you read closely...these counterclaims do not actually provide any evidence that supports their view other than..."it simply cannot be because men and dinosaurs didnt exist together". It is a crazy reasoning to use theories to prove theories. That is not factual evidence!
Christians, rather than relying on theories to prove theories, use an extensive library of historical and archeological evidence to support their world view...evidence that is proven to go back to at least 700 years before Christ for Bible writings (Isaiah scroll), and much older with archeological evidence)
So the atheistic claim "the bible is a myth" is a gross ignorance of factual evidence that proves such a claim false. Can we prove God? Well thats a philosophical question. At the end of the day, one has a choice...what alternative does one have after death? If you believe in God and it turns out that he really does exist as the bible says, then you will obtain eternal life.
If God doesnt exist, then the Christian suffers thee same fate as the atheist, but if he does exist, then the atheist loses...so either way, its a win win for Christianity isnt it!
The bottom line is, that if an individual is to think about the question of existence and eternal life logically, given the evidence that does support the bible narrative is quite comprehensive and overwhelmingly in favour of its characters and the narrative being relatively true, then the best educated guess would be to have faith in the bible.