A little bit on anecdata:
I work for a company that has a strong DEI program. As a result, I work with a very diverse group, especially considering that I'm in software development. And you know what? Every one of the people I work with - regardless of race, nationality, or gender - is unquestionably qualified for their job. So no, embracing DEI hasn't hurt our team in the least.
And yes, we do still hire some straight, cis, white men as well.