It does have an effect on the social culture that's touched by that CoC, and you might like or dislike that effect. You might also have been totally distanced from this so as someone who is an outsider who has met a bunch of these people, let me say that in my personal interactions with these folks, Node.js has been more friendly to LGBT folks, issues of accessibility for the hearing and sight impaired, people with mental health issues like depression, people of color, women, and nonbinary folks, than just about any other community I have ever met. Meanwhile they have never come across as any of those alt-right buzzwords -- as "social justice warriors" or "man-hating" or "white-shaming" or anything; I have never felt unwelcome personally as a white American man.
Someone on the TSC has been anti-(what-the-community-is-about), and is actively apologizing for CoC enforcement and saying mean things which is discouraging others from participating in Node.js, and the technical community had a vote to censor him. They voted not to, and now someone for whom those community values are important has quit the TSC because they didn't support this decision.
I feel like everybody's rushing to see everyone else's choices as invalid but these are all valid private decisions. That community is allowed to decide that it likes this culture that its CoCs create, Rod is allowed to decide that he does not like it, the TSC is allowed to vote that Rod's dislike is not enough to kick him off the committee, and Myles is allowed to decide that this TSC support of this guy who doesn't like this culture is enough for him to no longer want to be part of the TSC.