It has some sort of second-chance back-door entry to the euros, but it's still a glorified friendly, albeit in groups of similar talent (allegedly) - Nations still have to compete in genuine qualification rounds, and the Euros tournament only finished a few weeks ago!, it's fuckin crazy this, every year taking time out from the prem just after starting, and will do so again in Oct, Nov, March... must drive the club managers insane.
Dunno about the world cup - NL being a uefa re-jig of friendlies I thought it was just a second chance to qualify for that (in 2028, hahaha...)