I'd imagine that that probably increases the magnitude of the effect I mentioned in another news article that I linked to here in another comment, where Google users are just using Google's Gemini LLM rather than searching for information on Reddit. Google will already have incorporated that information into its training corpus for Gemini back when it paid Reddit for access to it, so it makes the LLM the only route for a user to get access to that knowledge.
(Not criticizing your move, just commenting on what I imagine the broader impact will be, particularly if the "logged-in only" move increases the rate of other people wiping their posts and comments as well.)