You're tuned in. Although, given that every state (that I'm aware of) bans the use of fmj (i.e. cheap) ammo for hunting, one could argue that fmj has no "sporting" purpose and therefore can be banned from importation. So all that could be imported would be variations of soft point lead etc "hunting" ammo. (One could also argue that fmj is used in marksmanship competition, which is a "sporting purpose." I guess a judge or judges will have to decide.)
Ya'll might hang me for this, but on a none 2A level, this isn't the worst thing in the world, If the ammo makers step up to the plate, expand production capabilities (construction jobs for Americans) and then hire more staff (manufacturing jobs for Americans.) But it will certainly, at a minimum, increase the cost of ammo.
Banning mail order/internet sales of ammo (of anything) could be more difficult that we surmise. Biden can't do it alone, but Congress can using the interstate commerce clause in the Constitution. That requires enough votes. All that is required to scuttle that boat is 1-2 Democrat defectors in the Senate. Difficult but a not a complete impossibility.