Augustus
…
According to one MEP here who voted differently than other conservatives, it might still effectively censor memes even if it isn't "intended to" because the machine learning algorithms might see the memes as potential copyright infringements. But you're right that they don't intend to move against memes. Same thing might happen to schools and their study materials...
No doubt it is a terrible law that could have numerous unintended consequences. Politicians tend not to have a great understanding of anything tech related.
Centralisation of regulations like this is one of the main problems of the EU. It makes people across Europe very vulnerable to business lobbies and other special interest groups who can work Brussels effectively.