Yes this is the correct response. The standard model is the standard model because it’s stood the test of decades of challenges. One paper does not topple this.
EDIT: also note, the early galaxy formation challenges are interesting but don’t require a revision of the cosmological model. The data is new and many of these results will be revised into the “less spectacular” bin (this is already happening).
You’ve got a whole world in front of you. Enjoy!