It has always been implied that the Pakistanis would put Saudi under its nuclear umbrella because of Mecca and Medina. But this basically makes it official. On paper...
Given that 81% of Pakistan's weapon imports come from China (https://scmp.com/news/china/military/article/3302515/china-supplied-81-pakistans-arms-imports-past-5-years-sipri-says), it also means that Saudi Arabia just indirectly aligned itself with the Chinese military-industrial complex. I imagine the Pakistanis will train Saudis on these systems.
People keep talking about Israel-Saudi normalization but that's over. Israel will annex Gaza and the West Bank. Plus, Pakistan does not recognize Israel either.
India is in an awkward spot: its archenemy just became the security guarantor for one its primary energy suppliers.