Not really. This only applies to photos uploaded to iCloud. And photos uploaded to iCloud (and Google drive etc.) are already scanned on server for CP.
Apple is moving that process from on server to on phone in a way that protects your privacy better than current standards.
In the current system, all your photos are available to Apple unencrypted. In the new system, nothing will be visible to apple unless you upload N images with database hits. From those N tokens, Apple is then able to decrypt your content.
So when this feature lands, it improves your privacy relative to today.
Apple is moving that process from on server to on phone in a way that protects your privacy better than current standards.
In the current system, all your photos are available to Apple unencrypted. In the new system, nothing will be visible to apple unless you upload N images with database hits. From those N tokens, Apple is then able to decrypt your content.
So when this feature lands, it improves your privacy relative to today.