Problem is that you cant really use encryption and still do any meaningful processing - except perhaps cloud storage - but good luck even indexing that.
The guidance is a dreamland - generated by eurocrats to avoid having to give explicit permission for data transfers to the US by putting the liability on the EU companies using the services.
Schrems has managed to put GPDR into a hole. There really is no way for a company in the EU to legally transfer personal data to the US. That includes US companies with a presence here. You can have SCCs with Assessments or BCRs - any are overridden by FISA.
So, the companies will break the law - The EU will fine those companies which are the lowest hanging fruit - web-marketing/social media etc....but everyone will do it. - from Ford to Heinz.
There is a saying
Everone pisses in the pool - only the caught piss from the diveing board.