It's much about nothing. The only thing that really happened with Freeland, was that she got re-assigned to another posting and LaBlanc took over from where she had left off as Minister of Finance.
Sean Fraser's portfolio was a meaningless make-work project anyway, so no loss there.
Freeland resigning as Deputy Prime Minister on the same day, was also a non-event because the position doesn't actually exist in the parliamentary system anyway. The position of Deputy PM is not required in Canada, but was started as a temporary position by PM Pierre Trudeau in 1977 to serve a specific need at the time, but then was carried on as an unofficial and pretty much meaningless old Canadian parliamentary tradition.