No in so many ways.
Hard to see it as anything other than part of a bigger plan to get SA in the 6N. And if that happens I'll give up on rugby and watch netball.
Less the European Champions Cup and more the 'Random Geographical Cup for Any Team That Wasn't Relegated or Went Insolvent". Object lesson in how to screw up something that was working perfectly well.
I hope the Springboks don't join the 6N as the current setup of of the Rugby Championship in the south and the 6N in the north works really well.