I think this is more about changing what Larry and Sergey do all day.
The announcement seems deliberately vague. You're right in that it doesn't specifically address the EU concerns, but it creates a structure where that's easier to do.
It prepares you, in terms of financial visibility, experience, etc, if the most painful of anti-trust remedies (breakup) ever happens. AT&T, for example, would have likely proposed different terms for their breakup if they had better visibility into how Western Electric would have performed on its own.
It provides more public financial visibility into some areas of concern, early. For example, it looks like Google fiber isn't staying with Google. Google fiber is probably a concern for at least US anti-trust regulators.
The only companies exiting from Googles purview are Calico, Nest, Fiber, Ventures, Capital,and X. None of which were likely candidates for antitrust prosecution.
"Under the new operating structure, its main Google business will include search, ads, maps, apps, YouTube and Android and the related technical infrastructure (the “Google business”)"
This is in line with their prior strategery of continually maneuvering towards "give us more authority but no responsibility."