As a general rule it's unwise to hope for some unintended side effect of bad legislation to solve unrelated problems. The goal of this legislation is surveillance and control. If passed, it will achieve that goal. If it has a side effect of significant number of people starting to use encrypted P2P communication (doubtful imo), they will pass more legislation to make that illegal too, since "child abusers are obviously using P2P encryption now", and most "normal people" don't. And that time it will be even easier than passing the original EARN IT act.
Government overreach must be fought every step of the way, otherwise by the time it finally gets you personally, it will be too late.
Let's not get blinded by our dislike for centralized platforms. This is not the way to solve their problems, this way only creates more problems for people.