"The Act gives Ofcom the powers they need to take appropriate action against all companies in scope, no matter where they are based, where services have relevant links with the UK. This means services with a significant number of UK users or where UK users are a target market, as well as other services which have in-scope content that presents a risk of significant harm to people in the UK."

This is effectively toothless. If you are scared of that, I don't know what to tell you. They can shut you out but how is that any different than just self-censoring?