This is massive for Nomadland, as one of the general complaints I heard about its chances was that it was too slow and meditative for the average audience. But it just won an audience award (one of the best bellwethers for Best Picture we have of late), so it could very well overcome those criticisms.
While in normal years the one two punch of Venice and Toronto win would put Nomadland in rarefied awards air, with TIFF this year being substantially watered down due to the pandemic, it won't hold the same Oscar cachet.
Plus, the eligibility extension period of two months will additionally alter every precursor headed into this year's Oscars.
Seriously, with this weak field TIFF had, any other film but Nomadland winning would have been a shocker.