It depends on how you view this current German side. Historically, this was one of the greatest results in Spanish football history. Germany are the apex predator of European football, the big boss that you have to defeat to complete the game. It's no coincidence that of the four major tournaments that Germany has hosted, they won the 1974 World Cup and were eliminated only by last-minute goals in the other three - by Holland at Euro 88, Italy at the 2006 World Cup, and Spain yesterday. Basically, the only way to beat them is at the death - and up to now only the eventual champion has done that. If Spain go on to win this tournament, this result will take on historical dimensions and full credit will flow. It will be seen as the key game, in many ways.
However, if you look at this current German side as what they actually are - forgetting the shirt and the glorious, terrifying tradition - they are a sub-par group by their standards who are being rebuilt after an unprecedented era of humilation that saw World Cup defeats by Mexico, South Korea and Japan and a qualification defeat by North Macedonia. Nagelsmann has created a foundation to recuperate with this tournament. They played with distinction and went to their limits and they might even have won that game in the end, but they are not the West Germany of the 1970s or 1980s. France are.
If Spain go out to France - which I think they will - then yesterday will be seen as merely a dramatic clash of two flawed sides building towards the future, an interesting cul de sac in a tournament where the French ground down all-comers before losing to England in the final. Perhaps.