Surely, no engine freeze would mean spending lot of money, but is this not what is happening right now? We have three engine manufacturers, none of them are exactly poor, of course, Mercedes would have the edge moneywise even if there wouldn't be a freeze, but they have that advantage with these regulations as well. Is this really better what we have now? Ferrari and Renault will have to spend shitload of money for trying to bring at least respectable performances on track (we are not talking about catching Mercedes, I am quite sure they won't be able to do that for years), while they will spend the whole year in a nearly impossible situation: they will spend huge money for simply participating in the series, when there is no real chance for good results. It's even worse for the smaller teams. It is not only the money which is spent for development what you have to consider as cost, but also the money which is spent without any real or for downright laughable result. And you have to take the sponsors also into consideration, smaller teams already have a lot of problems attracting them, what can e.g. a Sauber offer for a new sponsor now? But let's talk about the teams as well: I am sure, Red Bull is not going to be too happy, if they won't be able to put on a good fight, and I am sure Ferrari won't be too happy either with the image damage this season can cost them.
So, I think, it is a much more complex question.