The story of Noah is physically, psychologically and spiritually true.
Physically speaking, Noah to my way of thinking, would be an actual person. As opposed to other sacred writings in the world, we have in Christ, God actually entering into His creation to bring it into communion, within Himself. The Bible is historical, in addition to ontological, religious truth. Jesus in that respect is at the centre of time. What follows later, tells of Him; before His entry into time, He was foretold. The relationship between mankind and God, His will and efforts to facilitate our reconciliation with Him are revealed in the person who was Noah. I believe there was a flood that encompassed the world as it was known to Noah and that he did build an ark that would have contained his family and animals. The water would have destroyed those neighbours, who had abandoned God’s ways. Some people ask why God does not get rid of people who do evil. He does not because we all do evil and we are all His children, whom He loves. It would likely have turned out that had He done otherwise, all humanity would have perished - no Jewish people and no community to take their place to receive Jesus.
Psychologically, we are under the influence of very powerful emotions that may conflict with external and internal reality. We have to manage them so as to not harm others and to not hurt ourselves. Around the time of our first communion, which grants the grace to do so, we learn to control those feelings. They go under water, they become unconscious, although the events and stresses of life may awaken them. The story of Noah resonates with what we experience in ourselves as we grow into childhood, accepting our responsibilities.
Spiritually it is a revelation of the cross, as was the scene in the Garden. The wood of the tree from which we appropriated what belonged to God, now embraces us. Christ should have been at the Centre of our garden, our relationship with the world and each other. But here in Noah, He washes away the sin and reconstitutes what should have been in a new Garden, in the temple of the ark and in our hearts.