Does Proposition 76 curtail anyone's right to demand equal rights for Palestinian Arabs?

Not at all. It mentions multiple times how important freedom of speech is, and it really only seeks to stop hate speech on campus.

Here are operative parts of the latest draft:

Be it

Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature recognizes the supreme importance of the right to freedom of speech , as protected by the First Amendment to the United States Constitution, and its rightful place on college campuses as a mechanism for the sharing and discussion of diverse ideas and opinions, including those that challenge a person to consider the merits of his or her own positions; and be it further

Resolved, That the Legislature hereby condemns biased, hurtful, and dangerous speech intended to stoke fear and intimidation in its listeners speech that promotes discrimination based on a protected characteristic, such as race, color, national origin, religion, sex, disability, age, genetic information, marital status, sexual orientation and identity, medical condition, or political activities or affiliations ; and be it further

Resolved, That the Legislature encourages public post-secondary institutions to ensure that they provide a safe, encouraging environment for exercising the right to freedom of speech and for the vibrant discussion of ideas and opinions from people of all walks of life; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.

Which means that the so-called Jewish Voice for Peace is saying that anti-Israel activists should have the right to stoke fear and intimidate Israelis, Zionists and Jews on campuses.

There is really no other way to read it. JVP cannot figure out a way to be "pro-Palestinian" without using thuggish, intimidation techniques - and they seek to protect their right to use hate speech to make their point.

Which tells us everything we need to know about JVP.