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It is not the end yes, but it makes the situation a lot worse for PSG because it was also a crushing defeat, which means that when both teams have the same number of points in the group, it would probably be Newcastle to advance.
After this, they need more efforts to be more optimal in each match. They also realize that they are in the most competitive group in the UCL. So, even once they miss an opportunity, this will have a bad impact on the club. They still have to face another tough group, and it might not be easy. This is a burden for PSG, at least they have to qualify for the group. The previous defeat should have been a very valuable lesson for PSG.
PSG can still change their performance in the Champions League this season because they can correct this defeat if they manage to win in the upcoming match. AC Milan and Dortmund also achieved a draw in yesterday's match so PSG is still superior enough to be able to secure 2nd place if in the upcoming match they are able to get 3 points. The crushing defeat to Newcastle United is indeed a valuable lesson for PSG to be able to perform better in the next 4 matches.
At least, fortunately, Milan and Dortmund yesterday ended in a draw. So PSG's points are still above Milan. However, it is still very competitive and it is not yet certain who will be in the top 2, because there are still many more matches in the future. Of course, this could still turn out to be an opportunity for PSG to correct yesterday's mistakes. Even next week, they also have to face Milan, who are actually one of the strongest in the group. This will be the deciding match between the two next week.