I dunno, what does the law say, exactly? It should be applied, whatever it says. If it leaves room for an investigator's/judge's/prosecutor's discretion, then depending on the facts of the case, it may be a good candidate for that.
Certainly, from what I know and see, it seems like his lawyers discovered it and he's fully cooperating, and he doesn't seem to have been travelling with them/trying to sell them, so those facts alone mark a pretty big difference between the cases.
As for the political questions... The shit will hit the fan as soon as Republicans can get their house in some semblance of order. They will absolutely try to impeach him, and set up any number of investigations (especially into Hunter), etc. But... the debt ceiling needs to be raised quite soon, no? So my bet is shortly after that shitshow.
I don't think this will motivate Biden not to seek re-election. He's convinced he's the only person who can beat Trump. Only death or a significant and visible health problem will deter him. (As long as he keeps Kamala Harris sidelined, you can bet he's still planning to run.)