Here’s the issue as I see it: we have certain benefits from freedoms, but certain risks and disadvantages. Any law which takes away freedom has its upside and its downside.
The Indiana Law protects our ability to discriminate against what the Torah calls toeivah (or, against people proudly practicing such, if you wish).
OTOH, it allows others to discriminate against us and claim that their religion wants them to do so.
Which is a bigger risk/disadvantage/benefit?
That’s the million dollar question.