Not true. UEFA still have to comply with EU regulations and they cannot exclude a club without valid reason.
People are attacking the FFP on the basis that it goes against European Union Competition law, which basically protect the principle of free and pure Market, but the UEFA isn't a free and pure market, there is no atomicity, no free access, no homogeneity. At no point the UEFA is a free and pure market.
There is also something else, even if the principles of the European Union Competition law were enforceable, the FFP could be labelled as a tool for it since it prevent a market dominance by the sugar daddies.