Elsevier knows this. We have just finish negotiating a new national contract with them, and to our surprise did they agreed to all of our demands. They know which way the wind is blowing and are trying to pivot as quickly as an old lumbering giant can.
I don't think Elsevier is really worried. This gold OA model is just sending the same quantities of money to them, just under a different name, and with the side benefit that everyone can read the published articles.
The real change will be when researchers stop publishing in the journals that they own -- noting that the costs to publish are so high because the prestige of journals means that fair competition can't happen. Sadly, it doesn't look like researchers are willing to take such a step -- or even to stop reviewing for these journals for free (see our pledge in this sense, https://nofreeviewnoreview.org/)