Clearly not the end of the world because it happens at least once every million years, and usually several times per million years, and the Earth is 3500 million years old (sorry, a typo, I meant 4500), so it has happened thousands of times. But yes, we might be heading into a magnetic reversal. It might have some effects on humans and our technologies. We don't actually know. First time any human has been around to watch it happen and be able to know it was happening.
Does not mean it will be painless or trouble free, but we don't know that it will be troublesome or painful either. It will be different for a while, that is likely, and about all anyone can truly say.