As with most legal cases posted to this board im sure this is a misinterpretation of a narrow legal decision that affects niche situations
Sort of.
SCOTUS didn't affirmatively do anything, they just chose not to hear this particular case. The law in question allows a person to sue the organizers of a protest for the conduct of anyone at the protest. Thus, the lower courts ruling stands in the 5th Circuit for the time being. That doesn't mean that SCOTUS endorsed that decision as constitutional, it just means that that question is left for another day. The 5th Circuit's opinion is very obviously egregiously wrong and I have a hard time seeing the current SCOTUS not reversing it if/when they do hear this issue. However, as Sotomayor pointed out in her statement here, the 5th Circuit ruling came out before SCOTUS published Counterman v Colorado, which is really, really hard to square with the 5th Circuit's ruling ((not necessarily impossible, there's distinctions - Counterman was a criminal case, for instance, but I don't think SCOTUS would take seriously most arguments to distinguish it), so it's not even clear that the 5th Circuit opinion is controlling in even the 5th Circuit post-Counterman
My interpretation is that SCOTUS is giving the 5th Circuit a chance to take into account Counterman, in which case this law is already dead. If they continue ignoring the First Amendment, SCOTUS will probably then step in to overturn the law
