I think this is too early to say. It may be resolved, especially if (as I rather cynically suspect) a lot of the motivation comes from the US's current trade dispute with China rather than genuine security concerns. Or it may not: it might be that Huawei do develop their own OS, and develop their own SoCs in future without further input from ARM, and end up competing with Android in many markets. Time will tell.
Here and now, your phone isn't going to stop working. Huawei have said that they will support them, and actually phones will continue to work for years without system updates. It certainly is a bummer if you are one of those people who buys a new phone regularly and sells the old one to finance this, much less if you are one of the people who buys a phone and then uses it until it no longer does the job. But either way I'd say wait a couple of months and see how it develops.