Not necessarily. The bill [1] very much leaves room for the creation of the 'Great Firewall of America.' Two of the top things it prohibits are:
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(A) Providing services to distribute, maintain, or update such foreign adversary controlled application (including any source code of such application) by means of a marketplace (including an online mobile application store) through which users within the land or maritime borders of the United States may access, maintain, or update such application.
(B) Providing internet hosting services to enable the distribution, maintenance, or updating of such foreign adversary controlled application for users within the land or maritime borders of the United States.
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That is strongly suggestive of the creation of a national firewall, or a defacto national firewall where internet service providers have to abide a Federal censorship list or face legal consequences. This is one of the many things, like the Patriot Act, that people are going to look back in a decade wondering why they ever thought this was a good idea. Well actually they'll probably just convince themselves that they never supported it - much easier.
[1] - https://www.congress.gov/bill/118th-congress/house-bill/7521...
