The immediate potential for biotech is in disease prevention and cure, and to a limited degree, lifespan extension. Cures for diabetes, obesity, dementia, hypertension, COPD, cardiovascular disease, congenital and genetic disorders, various cancers. Possibly even regrowing organs.
Cures (and better management) of any or all of these would be life-changing for the sufferers. Of course it has to be attempted.
The macro effect on society would be to increase lifespan, and therefore the proportion of old people. Old people tend to be socially conservative, they have all the money, and they vote more than younger people do. Wealthy people obsess about loss and risk avoidance.
I foresee an ossification, rule by methuselahs. So life would change less quickly than it does now. NIMBY on steroids.