This completely removes the p2p network alert messaging system; however, internal alerts, partition detection warnings and the -alertnotify option features remain.
The purpose of the p2p alert messaging system is to communicate severe network issues which can be achieved using a variety of traditional means rather than the Bitcoin p2p messaging layer. A decentralised system should not have privileged users able to send alert messages on the Bitcoin network.
From the perspective of the Bitcoin Core project, if we need to communicate with Core specific users, it can be done using existing public channels (website, twitter, reddit, Slack) as well as an opt-in Bitcoin Core announce only mailing list.