My understanding is that the great filter theory means this is bad news for us humans here on earth. And considering the state of the world right now, it's especially ominous. Fate loves irony.
The great filter is only one of the possible explanations of the Fermi paradox however. There are other far less bleack including that there is actually no paradox at all: life is indeed frequent and but we are just bad at detecting it/have not been looking for it long enough.
I used to think that rare earth/rare life was the bleak option. As I get older, I think the bleak thing would be a galaxy full of technologically advanced species with morals potentially equal to, or worse than ours.