It's a major hindrance. For example, if I came up with an amazing creative idea for a star wars movie I couldn't do a damn thing with it unless Disney told me I could. Disney isn't likely to accept an unsolicited pitch from a total nobody who just happened to have a great idea either. I don't see how you could doubt that there are a lot of great works of art that won't ever exist because of the fact that copyright prevents them from ever getting off the ground.
Copyright can stop me from making a star wars movie about wizards fighting each other with laser swords in space. Even if I don't make a star wars movie, if I make a movie that makes disney feel threatened because it's close enough to being a star wars movie I could still end up losing in courts.
There are plenty of examples of copyright hurting people for creating something that wasn't exactly the same as something else which was copyrighted. Copyright is a threat to all creative works. The bigger the investment required for a creative work, the bigger the risk. For this reason, we see it a lot more often in music where the investment needed is lower than films. People have been successfully sued because they wrote a totally new song that was in the same genre as someone else's song https://abovethelaw.com/2018/03/blurred-lines-can-you-copy-a...
You can't do a damn thing with it not because of copyright, but because you don't have the resources to make the movie in the first place.
Copyright can't legally stop you from making a movie about wizards fighting each other with laser swords in space.