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My guess is that the law is basically extra-territorial - meaning that in theory it applies no matter where you are based.
For a for-profit service this is more enforceable - just gotta find a way to seize the stream of money flowing out of Texas for violate of the law.
For a service based in the US this is more enforceable - just gotta get the federal system and other states to cooperate, and enforce Texas's court judgement, and then Texas can find a way to seize the stream of money flowing around and out of the US (or perhaps seize the US assets of the company).
For a non-commercial entity based in the territory of the European Union that has no funds flowing at all from the US (think lemmy.world or feddit.de here) then it's probably quite a bit harder to do anything at all in terms of effective enforcement.
I'm gonna petition my state to make a law that if someone is from Texas and tries to enforce Texan laws on my state, they're executed on the spot.
Should be about as enforceable as this joke of a law.