To say that climate change is not an "existential risk" is not the same as saying that it's not a massive problem, or that we should not address it, right?
So if becoming 'a multi planetary species' as Musk puts it is an essential part of our potential, destroying in whatever way our capability of achieving that is putting us at an existential risk. Not because we might all die on this planet, but just for the very reasons that we stay stuck here at the limits of earth.
In particular, there's nothing about our "long term potential" that requires us to get off Earth today, or even in the next century or two - that's why it's called long-term potential.