So, from what I understand, the MC won't be able to get into a relationship with Chloe, and she won't have an ending?
Answering completely would spoil things, unfortunately, yes, however that choice, and the one right after if you say yes (the one about preferring mia, chloe, or both) has a bit of influence on the paths for both Mia and Chloe. Depending on what you pick, it can close off the current Mia romance path (which she says in this conversation, so this isn't a spoiler) but there are a few things that will be influenced in the future by this choice that I can't say right now.
I'll also say that not every choice in the game has great importance, some are just things that'll influence characters responses/knowledge/memories, if that makes sense. Basically sometimes a small choice will just lead to a few variations of future dialogue, for instance. Similar to real life, in a sense, some decisions you make aren't as important as others, but I still like giving the player agency where feasible on what they'd like to do/say.