It can be taken literally because Jesus is the mediator between God and man.
John 14:6 Jesus said to him: “I am the way and the truth and the life. No one comes to the Father except through me. 7 If YOU men had known me, YOU would have known my Father also; from this moment on YOU know him and have seen him.”
Jesus is the only way to approach the Father because Jesus is the Messiah, the one God chose to be the mediator.
I have doubt that many comprehend ".....
the truth and the life .............."
That which is
Truth and Life in ALL is not a Man like you or me. It is all pervasive Life and Truth within and without every being. Individual who has understood his/
her reality (the life itself and the intelligence) as God's son has also understood that the same life and intelligence empowers All.
Whereas, the common christian view seems to be that a select few are privy to Jesus Christ, whom they erroneously consider as a localised person. If that was true then those christians have no way to enter that localised person who is no more there and cannot be found, except in stories of Bible.
In contrast, those who understand that ".....
the truth and the life .............." is all pervasive and can be found most easily as one's own life and as one's true wisdom (which is even the source of one's ego that opposes the wisdom), then the meaning of "I Am" is comprehended.
Every man or woman's pure awareness of "I am", unadulterated with attributes of localised body-mind is son of God. Those who have never known the "I am" through meditation, IMO, have not yet found the all pervading
Truth and Life.