It's supposed to show to regional US allies that the American military cannot really protect them, pushing them to apply pressure to end the war in the short term, and to cool their relationship with the US and Israel in the long term.

It has had some effect; the emirates are desperate to find a way out of this conflict, and various figures have publicly said "the system of alliances [with the US] has worked but needs to be modernized" - i.e. we can't allow Americans to do what they want anymore.