I agree that sanctions and whatnot won't have an immediate impact on the election (although section 9, seizing assets, would be cool), but what I think you're missing is that it gives them the mandate to monitor the election infrastructure and the flow of funds. I don't think that's ever been done before.

There is nothing in the EO that precludes them from using the information gathered to file election challenges. The lawsuits so far have relied on mostly third-party data analysis. The EO lets them collect hard data gathered by the intelligence agencies. It'd be much harder to brush off that as deboonked.

I could be wrong, but that's my take, anyway.