Yes, it only affects airlines that have connections to the US. But if I book Lufthansa from Frankfurt to Tokyo, the PNR will still be sent to the US, for Lufthansa has connections to the US.
Yes, there are 'safeguards' in there, to shackle the DHS to be responsible with the data - but who seriously thinks the data, once in US hands, is used responsibly and only for the matters outlined in the treaty? The US has been less of a reliable partner for decades now.
Oh, right. They won't do that for financial transactions, right? Right?
https://eur-lex.europa.eu/EN/legal-content/summary/agreement...