Yes.[1] Section 230 is not a new law, but this order is directing his Administration how they are to interpret certain provisions of it going forward with some actions they are to take. It’s important to remember that an Executive Order is not law by decree, it is an official government communication directing the government how to act under the law, as is the President’s prerogative. No matter how you come down on the issue of how social media companies interpret Section 230, a new EO is effectively a new interpretation either narrowing, expanding or changing the scope under which enforcement action is to be taken by the government.

[1] https://www.whitehouse.gov/presidential-actions/executive-or...