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A small frequency drop doesn't have a major impact to home users as well, but it's a symptom of a generation/consumption mismatch - the frequency dropping from 50 to 48.8 is a sign that the consumption is draining energy that's not generated by essentially taking it from the inertia of the major generators, and temporarily reducing consumption as all the large phase-linked motors are suddenly slowing down slightly... both of which are temporary, short-term, unsustainable effects.

The emergency response kicks in not because 49 is innately very bad and 48 is some horrible evil by itself, it kicks in because if you do nothing, then in a few minutes you're going to see 40, 30 and the whole system is going to stop - or, more realistically, every connected subsystem (both generators and consumers) will have their emergency responses kicking in and either shutting down or automatically disconnecting from your system.

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