Regardless of what you think about whether these crises were connected, they did give rise to a rather important idea. At its heart, the idea is that, "I won't kill you for your beliefs if you aren't going to kill me for mine." This may seem like common sense today, but historically we only arrived at it after having plenty of opportunity to deal with the aftermath of people being willing to kill each other for havin…
The ideas encoded in the agreement are basically the reason we think of events like the Crimean secession[1] as an unconstitutional Russian annexation regardless of whether it happened by a public vote or not: even if there was a referendum and even if that referendum was formally valid and the outcome was in favour of the secession, the constitution of the Ukraine forbids the secession and therefore renders the referendum invalid by definition.
It's also important to note that these ideas of statehood popped up in the (at the time) Christian world and therefore strongly shaped the face of modern Christianity and the separation of state and church in the West (which even in its worst cases still works better today than it did before the Enlightenment). This didn't happen in the Islamic world, at least not in the same way (though there are examples for church-state separation as in post-WW1 Turkey). I think this provides some insights into why that part of the world's politics is so poorly understood by Westerners (e.g. consider the tribal politics in Afghanistan or the Sunni-Shia conflicts all over the map).
[0]: https://en.wikipedia.org/wiki/Peace_of_Westphalia
[1]: Whether it was an annexation or secession and whether it was formally valid or not is a separate debate. There is a lot of evidence indicating that it was, to say the least, influenced by Russia, which would have made its validity doubtful even if it wasn't unconstitutional.