If the flag were used, then each thread's filter tree would be atomically swapped out from its old version, then the thread would be set to be in SECCOMP_MODE_FILTER if it isn't already. Setting the mode causes the SYSCALL_WORK_SECCOMP bit to be set in the thread's syscall_work field, which the thread checks every time it enters a syscall from user mode. Therefore, any currently-running syscall in the thread may or may not go through, but all future syscalls will be subject to the new filter.
If current long-running syscalls are a concern, then I think (but haven't tested) it would be sufficient to define a signal handler without SA_RESTART, then send the corresponding signal to every other thread to interrupt all their syscalls. The handler could even have a counter that gets incremented so that the caller knows when all threads have been interrupted; this is basically how libcs implement a process-wide setuid/setgid on top of Linux's per-thread syscalls.