Maybe. However if (and I say if) the more correct translation is "land" rather than "world" as some (including the Catholic church, I believe) contend, then it all still works and the fact that God gave Noah warning and instructions still makes the event rather special.
In your version, God killed every man, woman, innocent child, and animal in the mideast. That's at least an improvement over a complete world genocide.
Here are other things you have to believe to believe the Noah story:
Giant men roamed the earth. There are no fossils of giant homo sapiens. Nor are there fossils of their hybrid children they had with normal homo sapiens.
Genesis 6:4
The Lord decided to kill all mankind because he was too wicked. Even if you reconcile the ancient hebrews believing the world was much smaller and thus a regional flood is truth, the intent of the flood was to kill _all_ men, women, innocent children, animals, and even plants. Thus God failed since the the flood did not do so.
Genesis 6:7
Noah was six hundred years old when it happened. So your regional flood thing still doesn't click. Longevity of people during the glacial floods was much shorter than 600 years.
Genesis 7:6
The flood was higher than the mountains. However, the regional flood was not this bad.
Genesis 7:19-20
God closed the windows of heaven, the fountains in the deep, and also the rain from heaven. We know today that there aren't windows in the sky or fountains of the deep. We also know that "rain from heaven" doesn't come out of tiny holes in the solid sky.
Genesis 8:2
God promised to never again destroy _all_ life. He didn't destroy all life in your interpretation where Noah is about a regional flood.
Genesis 9:11
Now, if you dump literalism in each case where you find it inconvenient to believe, what are you left with?
"There was a flood at some time in the Mediterranean region and God warned 1 guy"
The point of the Noah story however is to establish the covenant. However, if the flood wasn't world-wild genocide, then the covenant loses its meaning.