This is delusional on multiple levels. Reddit owns the subs. They will simply replace mods of the biggest subs, smaller subs will falter and some will be replaced by other content if reddit allows them to stay shut down.

It's funny seeing the meltdown of mods as if they're holding it all together when there are hundreds of people in line to replace them - for free. Besides if a subs content goes to shit new ones spring up. Reddit is that big.

It was a nice but meaningless statement that won’t accomplish anything except shutting down some fan favorite subs.
Normies don’t care, normies probably didn’t even know the protest was happening or why it was happening until some of their subs went dark. And last I checked comments on reddit the most upvoted are making fun of mods and their shutdown.