Wait, wouldn't that imply that EU startups can't host their infra on GCP, AWS or Azure? I'm not even talking about analytics - just about simple user email required to login would be problematic now.
Pretty much, it really sounds like Schrems II + this ruling mean that US corporations can't be involved with EU at all besides via licensing software to a completely independent EU corporation (which isn't a given either, though, since the US company could threaten withholding software updates/revoking the software license to pressure the EU corporation to hand over EU citizen data to US Law Enforcement).