If your server has member accounts in the EU, or is publicly viewable in the EU, your service is most likely impacted by this regulation, even if you are not based or hosted in the EU.
I am not pleased by the EU's attempts to assert extraterritorial jurisdiction just because things are viewable in the EU, and I hope that non-EU countries will not cooperate with any attempts to enforce it. Of course they do have jurisdiction over big tech firms that have a physical and legal presence there.
Imagine Russia or Iran doing something similar and the problem becomes obvious. The EU can, of course create a Great Firewall and block internet services that don't comply with its laws, but I think most of its citizens wouldn't tolerate that.