In short, yes. The dollar denominated and SWIFT using financial system is very quickly spawning alternative systems and an alternative currency based on commodities exactly because the US weaponized its control over the global financial system. The Petro Dollar system is collapsing in slow motion.
Long term it will help with the US balance of trade and will help bring manufacturing back to the US as the dollar weakens but in the short term its going to make imports more expensive which will increase inflation and lower the standard of living in the US.
Oddly, they didn’t mention the growing alliance between China and Saudi Arabia, others in the Persian Gulf.