The protesters have also now made sure that the government will not bulge. Because that would send the message that they cave in to violence.
> so protesters would not gain anything apart from having humiliated the executive even more.
But that's wrong, if the bill is totally withdrawn the protesters would gain time if something similar was ever re-introduced. Time they can use to organize protests to fight it again, if need be. It sounds like the current "suspended" bill is fairly far along in the legislative process, and could be passed quickly.
Withdrawal of the bill and gaining enough time to mount a response in the future, if necessary, is an absolutely important achievement. It means the protests can stop without the risk of fly-by-night passage. It means the potential of future protests can be a deterrent to future introduction of the bill.