My assumption would be that it would drastically reduce the attack to be borderline irrelevant. I've never turned on Under Attack so somebody else may have more insight and the docs[1] don't describe precisely what happens besides a JS interstitial.
I know that JS challenges, both interactive and non-interactive, can be solved by bots. I've seen it. However, I suspect that the challenges just get harder and harder until the attack levels drop.
[1] https://developers.cloudflare.com/fundamentals/reference/und...
It changes the economics of the attack because it requires the attacker to do compute before they can make requests. Depending on how good the fingerprinting is, it can also get very expensive (eg. requiring you to run a full browser, rather than merely computing a few sha256 hashes)