"there is much, much, more to lose than just money"
Well yes, there is the iron grip Google has on the entire ecosystem.
Google makes Android, but what Google wants is Chrome everywhere, because that's how it gets ad views.
And Google is all about the ad views. It's what it is, literally.
So, push in some actual capitalistic competition and you weaken Google's ad views, aka its bottom line.
And Google's job to its shareholders, which it gleefully fulfills, is to maximize its ad views.
So no, Alphabet won't be happy about this.
At all.