It kinda does have that effect, because large companies are allergic to AGPL by policy, even if they otherwise have processes to get GPL software into use. The very companies that have the pocketbook to pay for your software, are also structurally incapable of using it as FOSS. Smaller ones that are more agile about how they incorporate it, have less willingness to pay for a different license.

Sure, but there's a case I'm particularly aware of where one of the major cloud infrastructure providers was about to host a significant AGPL-licensed project without modifications because their lawyers had reviewed it and determined it would have been OK. The particular VC-backed open-core company then got word of it and changed their license off of AGPL. IYKYK