I'm not so sure about that. Rommel cuts the Suez and takes Alexandria, the Royal Navy is kicked out of the eastern Med. That only leaves one way to Malta and it makes it much easier for the Italian air force, navy, and the Luftwaffe to blockade the island and starve it into submission. Or you just airdrop onto Malta instead of Crete, since your plan is to own the Eastern Med, to begin with.
With Malta in British hands, Rommel's supply lines would always be a disaster... and North Africa was a war of logistics -- DAK always fought on a shoestring and Italian merchant marine was virtually annihilated trying to keep Axis in North Africa suppled.