For Cyprus citizens, no. But for third countries nationals living there it will change everything. Now they are locked in because Schengen visas are almost impossible to get because embassies mostly issue single-entry ones, waiting times are several months for 1 trip, and all slots are bought out by bots... Many live here for several years and never had a single trip just because it is too hard and expensive (up to 1k per person per trip + several months), to get a visa.