I once held this view, and to a certain extent it served a purpose. But in recent years I've come to think differently.
Whatever else it does, life appears to be an extremely efficient way of producing novel structures from simpler lower entropy resources. And not just by the evolutionary process of 'faulty' self-replication, but also in the reshaping of local environments, and now exponentially so in the products of our technologies.
As agents of the 2nd Law of Thermodynamics, life processes appear capable of converting homogeneity to diversity many orders of magnitude more effectively than non-biological processes. And while the 2nd Law does not consciously create each new biological structure (obviously), it spontaneously redistributes energy flows away from preexisting pathways and into any new outlets made available to it, and hence actively favours and fuels evolutionary divergence.
The 2nd Law favours us because we provide it with new avenues to explore, and has provided us with a broad array of individual drives and preferences to maximise the production of those new horizons. So ...
... existentialism appears to be strongly encouraged by the 2nd Law. Even if it can seem a little scary at times.