The primary significance of this story for me is the metaphoric dimension. We may dwell on the actuality or factuality or historicity of the story, but the meaning is spiritual rather than materialistic.
The N.T. has redefined life and death. Death is living without God, and life is being in Christ. You will find these two words juxtaposed innumerable times in the epistles, representing the life of the primitive church.
Lazarus was in Christ and death could not hold him. That is the essence of the story, and that is pretty much what I want to focus on. Are you in Christ? Are you alive?