Schedules aren't used to determine how someone is penalized for using a certain drug. They are basically used as a scale for how abusive drugs are. Schedule 1 drugs are considered the most harmful with no medical benefits, and the rest descend from there.
This page lists examples in each category.
The only drug this bill "legalizes" (deschedules) is peyote, as it's commonly used in certain indigenous religious communities. The rest remain controlled substances.
I think it's most important that we withdraw from these agreements that we support the global war on drugs, which only emboldens cartels and hurts farmers in South America whose crops (along with the rest of the ecosystem) are killed by herbicides.
Also, I'm fairly certain that Atlasia is already in violation of these conventions by letting the regions legalize marijuana.
We need to stop supporting this expensive, racist, ineffective war on drugs, and by no longer being held to these conventions we will be free to reform our drug policy to lower our bloated incarceration rate and allow for research and legitimate medical usage.