Does restoring from time machine erase all information currently on the computer?

It depends on how you restore it. No data is erased unless you follow the last method (restoring everything).

To restore individual files:

Manually copy the desired files over from the Time Machine drive, or associate the TM drive with your new MacBook Pro:

1. Connect the TM drive, and enter the encryption password if applicable.
2. Select Time Machine in the menu bar. Hold down the Option key and click on Browse Other Backup Disks.
3. Select the TM drive, then click Use Selected Disk.
4. Open the Time Machine app on your Mac, or click on Time Machine in the menu bar and select Enter Time Machine.

To selectively migrate types of data:

1. On your new Mac, open Migration Assistant. It's located in the Utilities folder inside the Applications folder.
2. When prompted, choose to restore "From another Mac, Time Machine backup or startup disk".
3. Connect the TM drive and follow the onscreen instructions.

To Restore EVERYTHING

WARNING: These steps will erase your new Mac and replace it with the contents of the selected backup.

1. Boot into macOS Recovery: Hold down Command-R as you turn on or restart your Mac.
2. When the macOS Utilities window appears, select Restore from Time Machine.
3. Follow the onscreen prompts to erase your Mac and replace it with the contents of a backup of your choice.

Yes you do loose your data but if you want to restore some specific data (or even all of it) you can just open time machine through finder then "open" the backup (it may take some time) and just transfer those items to your Mac. "Backup" usually ends with .Sparsebundle

To make it simple you just open Time Machine files then select your backup then open it by double left click or select backup then press Space key and on the top click "Connect". It may take some time (depending on your internet speed) and then in Finder side menu in "Places" section you will see "Time Machine Backup". Now just open it, select backup date and restore your files by opening Users - "Your Username" and you will find all your folders there. Now just drag and drop to your new MacBook Pro.

I hope this is helpful.

A restore from Time Machine will replace everything. However, just Enter Time Machine and restore the individual files/folders you want.

If that is not your current backup, hold down the Option key and select Browse other Backup disks.