Evaluating a law based on some non-normative fluff text is like judging a book by the marketing blurbs.
The law does not mention monetization of the news content as a requirement. It does in fact not mention monetization at all.
It is true that the law sets up enforced bargaining, but in a way that effectively precludes any outcome where Meta does not pay money.
If Meta links to any news content from any eligible news company, they must negotiate with everyone. If anyone they are negotiating with is unhappy with the result, they can take it to binding arbitration, and the law forces the arbitration committee to reject any offer that does not "contribute to the sustainability" of Canadian media. Any final offer from Meta that does not involve then paying a sum that is obviously enough would be rejected and automatically cause the opposite final offer to be accepted, no matter how unreasonable. (This is not symmetrical; the news company does not need to suggest a deal that's obviously not too bad).
The arbitration panel would incidentally also be forced to reject any offer that is based on a revenue share of ads shown for news content. (Since that would allow Meta to control the amount paid.)
Given this, why would any Canadian news company agree to a deal that allows non-monetized linking for free? As long as Meta plays the game with even one company, any of them can force Meta to both share their content and also be paid for it, whether Meta profits from it or not