It depends. Socially conscious folks will likely recognize it, and many will leave. Individuals who are actively looking for signs/signals will bail out quickly, and closing popular forums is a less than subtle signal, so the Exodus has begun.
However, it will take a lot to get the majority of Redditors to realize what is happening, and mant don't care. Just like when Info Wars was deplatformed. Many people are shortsighted and refuse to believe that they're next. It will take even more for most to take action and move on from Reddit.