Apple has issued updated terms to both Apple Business Manager and School Manager.
The impact of not agreeing these terms are:
In Apple School Manager, Apple Business Manager, and the Device Enrollment Program, you can’t assign new devices to your MDM server, even if you have selected the option to automatically assign new purchases to a specific MDM server.https://support.apple.com/en-gb/HT203063
However, Jamf Pro has a new alert is shown if you have an Apple School Manager integration with with Jamf Pro for Classroom data, and as such is worth noting when these new terms are released for Apple School Manager:
Lastly, it appears that accepting the new terms seems to take upto an hour to now sync through, instead of the near immediate change it has been prior.