Meh, any engagement bump will be fleeting, and meanwhile they're going to have another round of Reddit Sucks articles about either a) /r/place being taken over by anti-reddit people or b) Reddit censoring /r/place.
Ayep. It's a clever move to get a July traffic bump to offset any losses from the unpopular API etcetera decisions. Then they can point to the overall numbers and say hey, our average visits per user actually went up after we closed the API, so this is proof our users actually love all our shitty recent decisions.