No, it does not.
That was the amount of time that Noah had before the flood arrived.
How some people have decided that that translates into the maximum life span is puzzling.
Genesis 6
New International Version (NIV)
Wickedness in the World
6 When human beings began to increase in number on the earth and daughters were born to them, 2 the sons of God saw that the daughters of humans were beautiful, and they married any of them they chose. 3 Then the Lord said, “My Spirit will not contend with[a] humans forever, for they are mortal[b]; their days will be a hundred and twenty years.”
Doesn’t the Bible say “three score and ten”? BTW, for anyone not familiar with it, read the story about Jeanne Calment, the French lady who died at 122+. She’s the one who got over on a lawyer in a real estate deal on her home. Pretty funny. Happened in 1991.