Ummm no - this will have no impact on Privacy Shield (yet)...
There seems to be some confusion here - this case has no bearing on Privacy Shield (yet) - this case is entirely related to Standard Contractual Clauses.
The judge stated that despite the Ombudsman (which was introduced as a role under Privacy Shield and a role which has yet to even be filled) there is still no sufficient remedy under Art.47.
When the case goes to the CJEU, they will rule solely on Standard Contractual Clauses and whether or not European Commission decisions 2991/497/EC, 2004/915/EC & 2010/87/EU are valid. These are the EU Commission decisions which make Standard Contractual Clauses a legal basis for an international transfer (and in this particular case with regards to the United States).
It is likely they will rule against these decisions and invalidate SCC's (because if they don't they contradict their previous ruling on Safe Harbor as they are addressing identical issues) but this will not invalidate Privacy Shield (or Binding Corporate Rules, which is currently the other legal basis used by many global organisation based in the US).
What will happen after that is another case will need to brought regarding Binding Corporate Rules and then another one regarding Privacy Shield (all on the same grounds as Safe Harbour and Standard Contractual Clauses).
There have already been attempts to bring Privacy Shield to the CJEU by a French NGO, but they were blocked by the European Commission on the grounds that currently, organisations cannot file cases unless they are directly impacted (this changes once GDPR starts being enforced in May - as that allows organisations to file cases on behalf of citizens). This was a shitty move by the Commission because it was obviously just a stalling tactic but you can kind of understand why they did it (to try and fix Privacy Shield before May 2018 - which of course won't happen).
This case will not invalidate Privacy Shield or Binding Corporate Rules because they are not the models on trial;
This case is highly likely to invalidate Standard Contractual Clauses.