If they enable the subreddits without moderation, they'll die very soon. They really need moderation and users often don't realise how much crap they're protected from until it's too late.
I suspect that would be a far more effective protest, though if successful it may well kill the subreddits. The mods are trying to have their cake and eat it too: make a 'principled stance' without risk to their subreddits. That won't work.
If they enable the subreddits without moderation, they'll die very soon. They really need moderation and users often don't realise how much crap they're protected from until it's too late.