It is probably would be as useful, as GDPR. Like of course, it sounds nice on the paper, but in reality it will get drown in a lot of legalize. Like with tracking consent in forms nowadays. Do you know which companies you gave consent and when? - me neither.
The issue with such laws, is that they are extremely wide and hard to regulate/enforce/check. But making regulation would make a few political points. While probably not so useful in real life.
We already do a lot falling under these baskets for years, big tech uses AI for algorithms left and right. "Ooopsie, we removed your youtube channel / application, because our AI system said so. You can talk to another AI system next." - we already have these, but I don't hear any reasonable feedback from EU for this.
Basically, big companies with strong legal departments would find the way around the rules. Small startups would be forced to move.