I think the key is, that it’s on Uncle Sam’s dime. Pay the piper, call the tune. Yeah, they could get slapped by the USSC as many a time before. But conservative students can stop this at a local level PDQ by punking liberal groups that now have to be open to them.
And this is where the Left really gets creative; with it's contrived definition of "public." It's becoming increasingly obvious that the Left considers anything with even a tangential relationship with the government to be "public." So, walking on a sidewalk to a private club meeting can be arguably deems as "publicly funded" to the moonbats.
Their "benefits" are likely limited to posting rights on campus announcing meetings/events or an ability to lease a booth during student orientation.
Students fees are sucked up by sports, primarily to cover hundreds of thousands in insurance premiums for traveling teams.
Sports neatly avoid these inclusion rules by having "try outs" and thus limiting their rosters legally. Title IX lets them escape co-ed sports by having separate-but-equal programs for men and women (but wait, that's not necessarily require now either). Where transgender players are supposed to go, I'm not sure. I digress.
This ruling means any group can be taken over by organized disruptors. A Christian group can be overrun by angry atheists and destroyed from within. In theory, a gay club could be overrun by traditional marriage proponents and so forth.
We'll see how that goes or whether this is another case of "some are more equal than others" where anything deemed dominant, male or mainstream must be inclusive to its own dilution and peril while anything deemed minority can be exclusionary to protect and strengthen its unique identity and preserve diversity.
Women fall into the second group despite being more than half the population. It's all about balancing the tyranny of the evil patriarchy of course. /s
I suggest students TEST this ruling by joining clubs they wouldn't otherwise and see if they're tossed out for disagreeing because--gasp--they're accused of creating a hostile environment threatening to a favored group.