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The effect is going to be long term. The most active users (usually 10% posters, 1% content creators and mods) were the most affected by the changes. Those are also the most vocal. And, probably the first ones to move here. Once those move reddit content will get worse over time which will make the other users move (89%) too. So yea, don't expect short term impact. It's the long run that matters
The short-term is that reddit is scrambling to try to maintain the appearance of normality. Calling for volunteer moderators (Always Were.meme), and talking about their decreased financial stream show this. The rest is gonna be longer term knock-on type effects.
Ultimately though, as many others have said, I'm here and I'm not going back, so while the bad news is a little cathartic, I mostly don't care. Will they completely die, probably not, but they are dead to me.
I don't see Reddit scrambling to do fucking aaaanythiiing. It's impressive how goddamned daft they are being.