I don't really see the lens you could look from to see that conclusion. They basically offered up CoD staying multiplatform in the opening letters about the deal, that was clearly the expected result for them here. And the only way it would have gone anyway because the CoD machine is so expensive to operate, thus they would have never seriously considered reducing the available customers for the title.
Basically things appear to be unfolding the way MS would have wanted so far.
It's even a stretch to say these proceedings had anything to do with potential future acquisitions either, not when the only thing the regulators seem to care about is CoD and no future franchise they could acquire could ever be in the same league to begin with (what other game has the same pull in the market individually - other than the most successful Nintendo and Sony first-party titles which MS could never acquire anyway).
The first threshold that MS would realistically hit that could block future acquisitions of gaming software developers would probably be the percentage of workforce they controlled. But, they'd have a ways to go before that was a legitimate concern.
I don't remember COD being offered to Nintendo, Xbox + Activision games being offered to nVidia and other cloud competitors when this deal was announced.
I only remember that there was an offer just to Sony, for three years after current deals.
Now it's 10 years and if regulators will ask more they'll have to concede more.
That things didn't go as Microsoft thought, the opposition they faced with regulators was much much stronger than what they expected is pretty much obvious.
Even if CMA/EU approve with remedies there's also an other whole chapter with the FTC in summer. This is not what they expected given they thought that everything would be cleared during the current fiscal year (and a good margin was calculated in that).
Future acquisitions will be much harder because the underlying plan is now clear, they'll be a much bigger entity with a much bigger workforce next time with even less excuses to justify the need to subtract other resources from the competitive market for themselves. Also they're effectively cut out from other huge acquisitions like EA and Take Two.