The part of the bill that mentions E2EE (Section 5) is an amendment to the Communications Act of 1934, namely the famous Section 230 which contains: "No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider."

So the EARN-IT act would seem to me to modify Section 230 to not apply in cases of child sexual exploitation law, importantly "any charge in a criminal prosecution brought against a provider of an interactive computer service under State law regarding the advertisement, promotion, presentation, distribution, or solicitation of child sexual abuse material". However despite this amendment, using E2EE would not "serve as an independent basis for liability of a provider", whatever that means.

This seems more notable to me than the whole "creating a committee to create best practices" sections but I could be misreading or misinterpreting the bill honestly, I'm no expert.