This amendment proved academic, as the abdicated King Edward VIII died without issue in 1972 if he had not abdicated and the amendment had not been passed, at that point his niece (the present Queen) would have succeeded anyway as Elizabeth II. This law has applied ever since, except for an amendment passed in 1936 that any descendants of Edward VIII would have no claim whatsoever to the Crown. At the time the Act was passed, it was highly likely that both William and Anne would die without issue, and this indeed proved to be the case.
This Act provided that, should William III and Anne both die without issue, the Crown would be settled on Sophia of Hanover (a granddaughter of King James VI and I) and her Protestant heirs. The succession to the Crown of the United Kingdom is determined by the Act of Settlement 1701.