If that happened now would all life on Earth die off?
Not all of it, as far as I can tell. The Silverpit study puts the impactor at roughly 160 metres across, and the crater at about 3 km. The 330-foot wave is a model result, not something anyone measured.
Mass extinctions need far bigger hits. The Chicxulub impactor that ended the dinosaurs was roughly 10 km across. A rock the size of Silverpit's would have been a severe regional disaster for the coasts nearby, not a global one.
Source: Earth.com's report on the study.
What made you ask: the news itself, or how big a hit has to be before it matters for life?
