The EU gave Google an option: pay or take down the content. The latter option was a bluff, and Google called them on it.
I don’t think this will hurt Google at all.
But it will certainly drive less traffic to these news sites if they are banned from Google. And that will hurt the news sites.
To be clear, the right of free speech given in the first amendment is the right to express any opinion without fear of repercussions.
There is no inherent right that your opinions must be given a platform, or that any particular platform has the right to exist.
The first amendment is entirely orthogonal to the question of whether or not TikTok should be allowed to operate in the US.