Yes. It will.

Though presumably you would prefer the alternative; that such companies are unrestrained in what they may do and the population at large must simply bend over and grab their ankles with both hands?

Nope, I don't want that at all. What I want is a law with actual enforcement behind it and penalties that actually deter bad actors. You don't just write a law and then stop there declaring job done.

GDPR penalties DO deter bad actors. It's so effective that many American companies without a European presence at all take actions