Its a myth because it is only the beleif in it that creates the effect at all. If no one thought there was a two party system there wouldnt be one.
Few points of evidence:
* Before people in the USA thought there was a two party system, there wasnt. Despite the voting system not having significiantly changed prior to the last 100 years the primary parties changed all the time. Throughout US history the 2 dominate parties have been replaced 8 times
* Other countries with a first-past-the-post voting system do not show a tendency to a 2-party system. There are countless elections around the world using this approach that dont consistently have the same 2 parties win
* Even if you model out the debunked theory claiming FPTP results in 2 party it doesnt make sense. Under that model it would only produce an illusion of a two party system (where the real support concentrates in the top 2 in votes). Nothing about the model would keep the same 2 parties in power, it would just cause the switching between parties to be abrupt (third parties with little votes in previous years suddenly jumping to 51% support over a single election). So even in pure theory if we accept the myth in that context it is still not real in any meaningful way.