Here's the full text of the bill (Articles 88a and 88b):

https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CEL...

As written, this doesn't eliminate cookie banners completely, only if your browser is sending a Do Not Track header or similar. That's unfortunate news if you use fingerprint protection - those send default headers, so you'll still be bombarded with cookie banners. Hopefully existing anti-fingerprinting solutions will offer a "default headers but with Do Not Track" option.

The good news is if you're doing Do Not Track you're probably in a good position to block cookie banners too.