depending on who you ask, it´ll be the end of the world, yes.
youtube is more than likely not going to be affected more than it is subject to this now, assuming you film/record your own content.
except for people that are just re-uploading someone else´s material and “commentary” audio over it - well those guys are fucked.
basically what we are talking about here is AUTOMATIC filtering of previously copyrighted content.
the danger here is that this is not actually technically possible in a precise way without heaps of false alerts - and that is where opponents freak out (and they are right).
another problem people are often citing is that this law will enforce paywalls for newspaper websites etc., since nobody else is allowed to re-link/copy+paste news articles (for example like google does on the results page for some news-related searches).
but, personally I think this will all balance itself out eventually, the law will get adapted a couple of times until it actually gets applicable… and at its core, it´s a necessary protection of IP, yes.