This reads the value at address 0 and the throws that value away. You would typically store that value in a variable
byte var = EEPROM.read(0);
Also note that EEPROM does not have an infinite life. You can only write to it ~100K times. Your code does this every second so it will add up in a hurry. Why do you need to retain this value in EEPROM?
This is why you should always state what libraries you are using.
External EEPROM still has limitations. It may do slightly better than the internal EEPROM. Perhaps an order of magnitude (10x].