It certainly has contributed to pay essentially dropping yes. The cynic in me says that was factored into the new deal being struck at the time with an intention to keep the overall cost in the longer term pretty much the same, but short term it looked better. They needed to do something at the time as the situation was untenable then also in different ways.
I was one of the cohort that benefited the most from it in all honesty, having started work at the crossover, but the short term benefits were eroded for future cohorts financially, and it didn’t take a lot of years for that to happen. Pretty much nobody did locums as a PRHO when I qualified, but F2’s that work with me in primary care are all doing them these days.
I see echoes in the GP contract of 2004 that initially looked good, but in the longer term is pretty dire for GPs