"The decision concludes that the United States ensures an adequate level of protection – comparable to that of the European Union – for personal data transferred from the EU to US companies under the new framework. On the basis of the new adequacy decision, personal data can flow safely from the EU to US companies participating in the Framework, without having to put in place additional data protection safeguards." (source - https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3721)
In other words, if ClickUp participates in this new framework, Europeans like me will no longer need to host all data on EU servers. This also means that I could consider ClickUp as my only tool to manage my business and probably use a higher level subscription.