The age verification thing is definitely the concerning part because it is very hand-wavy in this post.

Implement privacy-preserving and trustworthy age verification methods (for example, computer algorithms that ensure reliable age verification) to detect when a user is a minor and to restrict access to any content that is inappropriate for minors to such users while expressly prohibiting the use of a Digital ID for these purposes;

Specifically, the legislation will require operators to act in the best interests of a user whom it knows, or should reasonably know, is a minor by taking reasonable steps in the design and operation of its products and services

The legislation may not require businesses to check your ID, but it may force them to do it anyway in order to protect their own asses, maybe after lawsuits test the “reasonably know” bit.