It seems to be in certain cases. For example Meta is subject to GDPR because they have EU headquarters, and were subject to fines because they transferred EU data to US servers.

If they have headquarters outside the EU, and only use data they've already acquired/processed to make money off of EU consumers from outside the EU, GDPR shouldn't be an issue for them in the same way.

And GDPR makes it harder for their competitors to catch up because it's harder for those competitors to get data.