Well, that's right, this change also affects the changes in the European League, if usually we will see 8 teams ranked 3rd in the Champions League group stage will play a play-off match with the team ranked 2nd from the Europa League group stage, with this format change it will not happen again, because the play-off round will only be there to compete for the remaining 8 places to advance to the round of 16.
This will also affect the competition in the European League in my opinion, because usually there will always be a favorite team from the Champions League, and now we will not see that, because all teams are purely taken from the European League itself.
For more details we can see here
https://www.uefa.com/uefachampionsleague/news/0268-12157d69ce2d-9f011c70f6fa-1000--new-format-for-champions-league-post-2024-everything-you-ne/