It isn't - Acts of Parliament are not on the list, but regulations are.
So for example, the Consumer Rights Act and Equality Act are ok, but the Consumer protection from Unfair Regulations are not. That said, some is "soft law" and incorporated into FCA regulations or advertising codes and would not be affected.
There is also another aspect to this, which is the fact that the devolved administrations can choose to keep regulations. I can completely see a situation where Scotland will say they will keep everything within their competence. So we end up with more differences between the home nations.
Sunak may be anti-EU but having a legal vacuum isn't good for business - they need to know what they need to comply with and removing legal requirements can be as disruptive as introducing them, if you've set up your systems accordingly. Having tariffs wouldn't be either.
Sunak needs to bin this Bill now. JRM has gone.