The dust appears to have settled on the ESL, but would football in the UK have benefitted from it?

Newcastle certainly wouldn't. The Saudi's wouldn't have touched the club with a bargepole.

Is being touched by the Saudis, even with a bargepole, a benefit or a damnation?

Not really, because you would have the ESL, then the rest focussing ways which could give the normal leagues more revenue and exposure, which would attract foreign investment, which would kick start the whole process all over again. The only way to avoid it is to have regulators.

No, why would it benefit from 6 clubs playing weakened 11s every game? The ESL was a replacement for the Champions League.

Only if the esl clubs were kicked out of the national set ups.
A league, minus the top 6, would be very competitive and open. That in itself makes for better viewing.
The idea of them trying to have the best of both worlds is abhorrent and immoral. Nothing more than greed.

Today's sponsorship ban most likely won't hold up in court if it's implicated for a full season or longer. All this means is that the ESL will be back in one form or another, and the Newcastle takeover will speed it along. Why would Arsenal, ManU or Liverpool sit around waiting for Newcastle to nick one of the top 6 slots? The sponsorship ban is a panic measure, but it's closing the stable door after the horse has bolted. The next move is the breakaway.