As a lifelong New Yorker, I can tell you that arrest is never an option for any violation of the city's administrative code. Rather it's a fine.
And as you alluded to, black and brown people were the vast majority of those fined under the jaywalking regulation.
As a cis white guy, I didn't even know that jaywalking was 'illegal' in NYC until folks started talking about 'legalizing' it a few years ago.
As I mentioned, I've lived here pretty much all my life and have 'jaywalked' in front of police hundreds if not thousands of times and none have ever even looked at me funny.
So yes, this is a very good thing. Just one very, very small step on the road to 'a more perfect union', IMHO.