The loss of the port was one of the final major blows to Hitler’s Reich.
Without it, the Nazis:
Lost their ability to ship troops, supplies and raw materials, both to other German or Nazi-occupied areas and allied or friendly powers (including Finland until September 1944, and Sweden, which shipped vital iron ores to Germany for its war effort until November 1944).
Lost the Kriegsmarine’s window to the eastern Baltic for operations against the Soviet Navy, and its ability to provide assistance in coastal bombardment, shore up troop deployments or evacuate forces trapped by the Red Army (including Army Group North forces in the massive Courland Pocket).
The Soviets, for their part:
Gained the ability to resupply forces from Leningrad, and to a lesser extent other liberated coastal areas and ports along the Baltic.
Won near-total naval and air superiority over the Eastern Baltic Sea, freeing up resources for advances further west.