Doesn't end it, merely does an end run around it. Also unlikely to ever take effect, because to get to 270 electoral votes worth of states supporting it you're going to need to get states on board with it who will directly lose influence and/or who generally don't vote in line with California and moving to the winner being decided by national popular vote (whether directly or by using it to pledge electors) essentially makes the result largely determined by turnout in California (both times in recent history the popular vote and electoral vote were not in alignment, the margin for the national popular vote was smaller than the margin in California).
It's a lower bar to reach than actually ending the electoral college, but it's unlikely to succeed for essentially the same reason - you have to get multiple states that will essentially lose any influence over the executive branch if they approve it to approve it.