No there’s teeth to this law. They have to wait for the government to “review” the change before it can be deployed. And the government can order them not to make the change.
The guardrails are basically “if it might hamper intelligence or police work, we can reject it”.
As an example Apple has been doing foundation work that will likely lead to photos having similar protection to passwords. Photos are obviously incredibly valuable for spooks and cops since most photos have location metadata and face recognition.