Unlikely. What will happen is that instead of one big push to the EU they will try again on the local level. That's how companies abuse the EU all the time. First try to lobby the EU itself for a one-stop-shop approach, and if that fails they go after the member states.
That will be a lot harder though cause way more people actually pay attention to what their governates are doing compared to the EU (assuming of course a significant proportion of the population actually cares and opposes stuff like this).
Yes, true, it is harder and will cost more and it will take more time. But I'm pretty sure that they'll try. You can expect the same for the DSA, which is a major thorn in the side of the advertising industry.
Privacy is an excellent example. At first it was locally dealt with, and big tech would lobby the individual countries for all kinds of exceptions and ways to effectively get regulatory capture. Then, in 1995 the EU created the DPD.
Big tech and the advertising industry responded by sidestepping the new regulation to make deals with the individual countries to undermine it, and actually managed to get close to getting their way, and possibly to get it repealed completely.
This is just venue shopping, can't get what you want in one place then you just fragment it and try to get multiple smaller deals. So I totally expect a similar thing to happen around this subject, the stakes are just too high for them to ignore the whole EU for their games.
Well, the smaller states are also easier to pay off, especially if they have already adopted the strategy of being the least regulated place in the EU.
Though admittedly the example Cyprus indicates that the strategy could be to simply quietly ignore the law when it comes to foreign interests.