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It does not give dates of millions of years and when corrected properly fits well with the biblical flood.There are various other radiometric dating methods used today to give ages of millions or billions of years for rocks.
In summary, the carbon-14 method, when corrected for the effects of the flood, can give useful results, but needs to be applied carefully.
Clearly, such huge time periods cannot be fitted into the Bible without compromising what the Bible says about the goodness of God and the origin of sin, death and suffering—the reason Jesus came into the world (See Six Days? He said, This only makes sense with a time-line beginning with the creation week thousands of years ago.
It makes no sense at all if man appeared at the end of billions of years.
Unless this effect (which is additional to the magnetic field issue just discussed) were corrected for, carbon dating of fossils formed in the flood would give ages much older than the true ages.
Creationist researchers have suggested that dates of 35,000 - 45,000 years should be re-calibrated to the biblical date of the flood. Such a re-calibration makes sense of anomalous data from carbon dating—for example, very discordant “dates” for different parts of a frozen musk ox carcass from Alaska and an inordinately slow rate of accumulation of ground sloth dung pellets in the older layers of a cave where the layers were carbon dated. Also, volcanoes emit much COC.