Unfortunately it doesn't in practice. Meta's total revenue since 2018 when GDPR came into force is just shy of $1T. Even with all the smaller fines combined, the total amount of GDPR related fines is in the range of $3B. It's a rounding error.

There isn't a trend of increasing fines, nor has any fine even reached the cap, let alone applied multiple times for the recurring violations. Even more with the current US administration's foreign policy towards the EU.

While GDPR as a law is fine, with the exception of enforcement limitations, enforcement so far has been a complete joke.