Doesn’t end it, merely does an end run around it. Also unlikely to ever take effect, because to get to 270 electoral votes worth of states supporting it you’re going to need to get states on board with it who will directly lose influence and/or who generally don’t vote in line with California and moving to the winner being decided by national popular vote (whether directly or by using it to pledge electors) essentially makes the result largely determined by turnout in California (both times in recent history the popular vote and electoral vote were not in alignment, the margin for the national popular vote was smaller than the margin in California).
It’s a lower bar to reach than actually ending the electoral college, but it’s unlikely to succeed for essentially the same reason - you have to get multiple states that will essentially lose any influence over the executive branch if they approve it to approve it.
As far as wanting to maintain the current electoral system, both parties are the same and they are the same in this one particular thing because they both benefit from it and any move away from it upsets the status quo that keeps the money and power flowing to them.
The only move either party wants to make away from the current electoral system is if they could find a way to reduce it to a single party system and that party was theirs.
They aren’t the same in virtually any other way, to the point of being as extremely and overly opposed on as many other things as possible, in part because presenting everything as a dichotomy of extremes reinforces that system.