It effectively makes every wonder require Masonry, yes. But in my test games I've seen no recognizable disadvantage for both player and AI, and it's preferrable than seeing Chinese Pyramids in my eyes. The actual Pyramids were completely covered in polished white stones (not sure if it actually was marble), so it even makes sense historically.
It seriously impacts certain strategies for the Bablyonians, however. Getting Stonehenge/Pyramids plus Oracle is one of the major strategies for them, but Bablyon
have to rush for Writing first -- they can't afford to delay to research Mysticism + Masonry straight away like the Egyptians can.
The Bablyonians usually require two Wonders to win their Culture UHV -- that or artists: they need to beat Delhi for Culture, as well as usually competing with Beijing for their population UHV (Delhi's easy to keep at low population if you declare war on them and harass them to stop them building farms, though it can still get quite big).
My typical opening for Bablyon goes something like this: research Pottery -> Writing, then Mysticism -> Masonry. Normally this means I can start building either the Pyramids or the Sphinx/Stonehenge straight after I research Mysticism.
With your scenario, I have to delay until after I've researched Masonry
and after I've built quarries on the marble -- which has to be quarried
first so even then I have to delay quarrying the stone to get the production boost.
Meanwhile, the Egyptians will have happily teched Mysticism -> Masonry first as their opening moves since they aren't constrained by needing Writing and so will have a considerable headstart on this race.
N.B. one other strategy was to get the Oracle for Code of Law, then use artists to win the cultural UHV. But since 1.186, I think you pretty much have to save the Oracle to get Monarchy first -- I don't think it's possible to get Monarchy through raw research or through a GP before the Persians spawn with it. So if India gets the Oracle, then you've lost.
I will do more investigating when I get home today but as of right now I'm not really sure what Bablyon can do to win their UHV. Maybe make the Hanging Gardens available for them at Writing -- they'll be competing with that with the Chinese, but at least in that case it'll be possible for them to build it since I've
never gotten the Hanging Gardens before China as Bablyon, despite them being my favourite Civ. (I'm a one-city challenge kinda guy!)