Nope. This is an upcoming requirements nightmare that people seem to ignore in the vain hope that it will ignore them.
So yea, a 20M EUR fine could destroy a startup.
In other words, it's not a replacement: it is an additional set of rules to keep (although most of it would be a superset of various national laws).
I quote from the title of 2017/0003/COD COM (2017) 10:
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT
AND OF THE COUNCIL concerning the respect for private
life and the protection of personal data in electronic
communications and repealing Directive 2002/58/EC
(Regulation on Privacy and Electronic Communications)
Note the word "repealing".My point still stands - you still need to conform to both GDPR and the state-specific legislation.
But assuming that I am right, then a replacement directive would simply cause the states to update their laws and nothing would really change in terms of complexity compared to the situation before.