I can’t see why that would be the case. The UK users using the UK instance would still have had their ages checked. As far as I understand it doesn’t matter where the adult material on the site has come from. It’s not a law to try to protect against the creation of material by people who aren’t verified, but rather try to reduce the amount of under 18s accessing material.
They’ll get blocked in the UK. Which, to be honest for a non profit fediverse instance isn’t going to be a bad thing as they’ll loose traffic alongside any donations. Expect UK based instances to start doing something for their users. But there’s lots of other verification options they could use.
The wording on ofcom is “should not” not" must not". It’s not illegal, they just don’t want people to do it and want people to think that it is illegal.