Yes, Aeroplan has already moved Emirates and Flydubai to dynamic pricing.
Emirates redemptions became significantly more expensive.
Flydubai, despite being a low-cost airline, has a separate award chart with dynamic pricing.
Based on these past changes, it is expected that Etihad and United redemptions will also lose value.
I’ve booked Flydubai using Aeroplan before, and it wasn’t great value, Flydubai redemptions have been overpriced ever since they got their own award chart. If Etihad follows a similar model, economy redemptions might still be okay, but business class deals could be gone.