As this version of the law is completely voluntary, I donโt think it will change anything. Secure chats wonโt implement it, because itโs practically impossible, and insecure chats wonโt implement it, because thereโs absolutely no profit in it.
Itโs still completely unnecessary to have a law like this, as it wonโt help with anything. But at least it doesnโt force any messaging applications to either break their encryption or leave the EU.
Also, as this is proposal is finally put into law, thereโs one less battle to be fought by privacy activists (for now).
So all in all: The worst has been successfully averted, I think we can celebrate that. But the next privacy invading proposal will come soon enough.