EB-1 is an immigrant visa and, aside from being smaller in number than H-1B, was already halted along with immigration generally on April 22, and this order extends the immigration halt through December as well as adding a few nobimmigrant visa categories to the halt.
No, it stands for “Employment Based, First Preference”, and you can go tell U.S. Citizenship.and Immigration Services that it's not a visa, because they think it is.
https://www.uscis.gov/working-united-states/permanent-worker...
Employment-Based Immigration: First Preference EB-1 […] You may be eligible for an employment-based, first-preference visa if you are an alien of extraordinary ability, are an outstanding professor or researcher, or are a certain multinational executive or manager.
I know several brilliant new/junior professors who are nevertheless on the H-1B track. My point is that H-1B is far and beyond the default and most common visa for introducing foreign working talent, and others like O-1 and EB-1 are the rare, rare exceptions.