That's a very fair assessment of the current state of play, given this bill. It is not going to achieve the stated purposes of the legislation, if you accept that those stated purposes are really what's going on with this piece of legislation.
Third parties are a clear and present danger to our electoral system. When you allow third parties to be the conduit to foreign influence and foreign money, that danger is extreme. This bill has done nothing to correct or arrest any of the mischiefs that can be done by third parties.