Rather, they think there's a possibility the mutation -- on its own or in combination with other mutations -- could decrease the efficacy of the vaccine against the variant.
The teacher here is the vaccine, and the rascally student is the E484K mutation."Escape mutant" also found in variant in Brazil E484K isn't only in the variant first found in South Africa -- it's recently been found in a variant in Brazil as well. But even if E484K -- alone or in combination with other mutations in the variant -- ends up being a problem, the variant likely won't escape all the antibodies produced by vaccines, considering that the vaccines produce many antibodies.