There are a couple of differences:

1. the sheer number of cables today makes an individual - or even several - cuts far less dramatic.

2. there's likely still a perceived difference between a nation-state being seen to openly take responsibility for cutting cables, and terrorist groups doing so.

It's still an interesting chang (and everyone should read Mother Earth Mother Board), and you're probably still right it will happen more often, and things could escalate very quickly.

3 is a nuisance, but the Red Sea route cuts thousands of miles and according latency between Europe and South Asia - Africa is big and both the African and direct Eastbound overland routes have all kinds of "challenges". If more of them are cut, expect a drastic escalation.