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IMO this changes nothing to the current evolution in the CMA case, they will still negotiate with Microsoft for a final deal and can still allow MS to close pending a resolution.
The only thing that will be different is that during the actual appeal hearing the discussion might diverge from what it should have been and the CMA behavior will also probably be different having to defend a case they've shown to be weak and obtained by either:
- Overlooking remedies proposal on dubious ground
- Not having a good faith negotiation by raising the proper flag on MS proposal allowing them to efficiently resolve issues during the phase 2 investigations

The problem though is they can't have the CAT complete the hearing and give a judgment before the CMA and MS agreed to a final analyzed and judged adequate resolutions. So this may also force the CMA to work faster if the stay is ultimately denied.