Justice Thomas was correct - it should have been legislation. Obama skipped the process. It is still legislation - the province of the Congress. It is unconstitutional legislation since it was not passed by the Congress.
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Regulations have the force of law. Agencies such as FDA, FCC etc. have tremendous power.
However, they are supposed to go through a process, generally including a period of public comment and submission of data, even to get rid of an existing regulation.
Those who do not like the outcome of a regulatory proceeding can take it to court--and often do.
I THINK the SCOTUS said today, essentially, that the Trump Administration and DHS(?) had not satisfied the "Process" requirements for changing the DACA regulations ... even if the regulations were unlawful to start with.
So this is not over.
Besides, Trump doesn't really want to deport the DACA people. He just wants the RATs to be forced to negotiate for this chip, such as ending chain migration.