For now it has an "adequacy decision"[1] allowing such transfer, but future changes could threaten that, and activist such as Max Schrems would happily (and rightfully) attack this decision if it happened.
Schrems II might be a blessing in disguise for the European hosting/Saas/Cloud industry, we'll see !
[1]: https://ec.europa.eu/commission/presscorner/detail/pt/ip_21_...