This is bad for Firefox because developers will eventually (and some still do) will simply stop supporting Firefox due it being so slow to catch up. Chrome already has such a huge market that a lot of web devs already don't care (e.g. Microsoft Teams).
What does this signify? It's the death of Firefox unless Firefox pulls a miracle here. Chrome is leading, all the devs are following, and they leading by leaps and bounds. Firefox is forced to catch up which causes frustration among users.
How long before Firefox gets tired of playing catch up and simply becomes irrelevant?
I am not happy about this. This is clearly bad but inevitable. The only other real competitor is WebKit which is restricted to Apple only. A huge market still. But Google's monopoly over the browsing market will only cause harm in the long run. Even though it will make devs jobs a lot easier.