Have code p0720 and p0700 will the output speed sensor affect the transaxle cont

Most of the time yea. The trans axle has an input and output speed sensors that send the signal to a computer which in turn calculates gear ratio and fires signals to shift solenoid to open or close. If the computer is only receiving one signal it really can't determine speed or ratio so the computer will put trans axle in a fail safe mode or limp mode, second gear only. Does that make sense?