Will this reduce pandemic ? No, it will incentivize colleges to offer in-person classes promoting COVID.

Will this reduce students on non-immigration visas ? Not sure it does (students might find in-person classes somewhere). Some students might just say 'fuck it' and study elsewhere. Maybe that's good for them.

Will this reduce unemployment? Maybe. But I'm doubtful. Most F1 students are barred from working off campus other than internships, and I doubt on-campus work and internships make a dent in unemployment.