The reality on the ground is that as soon as the UK's Online Safety bill becomes law then the de-facto assumption must be that any service provider with significant exposure to the UK might be under a notice that mandates the compromise of the security and/or privacy of that service.
The statement made today - explicitly designed to defuse any tension that might have held up the bill - only re-enforces that position.
The framing that this is a "win" for online privacy is deeply disingenuous.