Well....kinda.
The way the MU works is that any time travel business that happens will result in an alternate timeline splitting off. It doesn't rewrite the old one completely, you just end up with more potential possibilities.
If you're a DBZ fan, think of how future trunks going back in time didn't erase his reality, it was still there but now there was a valid timeline where goku lived thanks to his actions.
An in universe example of this is the exiles traveling to 2099 (before the conclusion of 2099 AD) with Proteus, exposing the identity of Spidey 2099 and taking him with them. This didn't change 2099, but instead created an alternate version of it, and we recently saw "alternate" Miguel Ohara in spider verse along with the original.
The exception to this is Doom's time machine (this is probably a retcon but go with it) which somehow is able to alter existing timelines without paradox or creating new realities. It's use during age of Ultron was the straw that broke time, and further use of it brought the O5 XMEN to the present and almost collapsed reality when young Cyclops "died" for a few moments. (no Cyclops means just about every event ever turns out way differently).
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