It's the opposite. It allows unlimited immigration from the EU. The people voted against that it's true, but the government ignored the referendum and implemented a local worker preference instead. But with unemployment very low anyway, it is easy to argue you could not find a Swiss person to do the work, so this is effectively the same as doing nothing.
The 7000 contingency limit clause for EU citizens has been triggered, and we know how the last referendum went. Foreigners are a burning topic. Try getting a B-permit from outside of Switzerland; it’s akin to winning the lottery. Whoever got in, got in. The way is shut, and the Swiss keep it.
I agree that immigration is a hot topic. However I'm not sure what difference more referendums will make if the government feels free to ignore them. Perhaps they'll have a change of heart.