No it doesn't because you can't extinguish a publically available standard when anybody can write their own software. XMPP is the horror story used to warn about EEE, but it still exists. The fediverse is a small network right now. If Meta tried to EEE it, server admins who don't want to participate in a Meta-controlled network would not implement Meta's extensions. The network would splinter into a Meta-fediverse and the actual fediverse, which would be smaller than it is now but still exist as a free and open network that could continue to grow.

They can't turn off our servers, or force us to implement their tech, or stop us from implementing freedom/privacy preserving features.

EDIT: The reason EEE did so much damage to XMPP was because most users weren't aware of it. XMPP got so big because non-tech savvy users didn't even know they were using it. So when Google starting phasing it out users didn't even realize it, they only maybe realized they couldn't talk to one or two people now. But the fediverse has always been an explicit alternative to corporate social media and advertised that it is built on open standards that are not controlled by corporations. Its one of the key factors in a lot of the userbase's decision to be here. If a split were to happen, that would leave the remaining open fediverse still large enough to sustain itself (even if its smaller than it is at this moment).