EU citizens can choose to use services offered under other countries' laws, or not. The EU can choose to implement their own Great Firewall to block such services, or not. Frankly I don't care either way.
In extreme cases of non-compliance, avenues for enforcement that have been discussed reuse existing Anti Money Laundering mechanisms: once flagged in the system, banks will simply freeze your business assets connected to EU countries and you might be arrested upon crossing any EU border.
... because laws that enable mass-surveillance are somehow worldly?
It doesn't. But once you enter Europe expect to be in trouble (if there is anything going on against you). Also forget to do business in Europe (with EU citizens).
So if you don't care about these, then you don't have to care about this law.
I basically agree with your assessment.