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Yes, instead different groups that were having their scores weighted against systematic discrimination they faced will no longer stand any chance of getting in even though the degree of grit and achievement to get there was higher, in the face of that discrimination they faced to get there. And so systemic discrimination will be that much more self-reinforcing.
Wealthy asian applicants, already over-represented in elite institution admissions, will likely be even more over-represented in the coming years. And as diversity falls, so will education standards, since diverse student populations have been conclusively shown time and time again to increase education standards.