This history recorded in the Bible shows us very plainly that God is a creating God and that He is an electing God. Even if we cannot fully understand everything that is involved with this, it is undeniable that this is what the Bible teaches. It may have implications that we don't fully understand, but no small matters issue from this if we decide that our salvation ultimately comes from God rather than from ourselves.
It effects how we understand God. It affects how we understand ourselves.
We must acknowledge that God is the Great Initiator, the Great Giver, the Creator of the World, the Creator of His people, the Author of our Faith. That is what God is like.