The old Covenant no longer applies because Jesus is the new and everlasting Covenant.
In principle, my understanding is that God does not erase old covenants, but builds upon them.
The Noahic covenant is still in force, despite the Covenant made to Abraham and the Covenant of salvation.
I think the best way to look at it is that the Covenants will be fulfilled, because of God’s Son giving His life for us.
But the Law of the old covenant still applies and for those who reject Jesus, that is the measure by which they will be judged.