What did the Peace of Basel mean for Swiss independence from the Holy Roman Empire?

The Peace of Basel, signed on September 22, 1499, concluded the Swabian War between Maximilian I and the Swiss Confederation.

Following his unsuccessful military campaign, Maximilian I was forced to recognize the "virtual independence" of the Swiss Confederation. While the Swiss remained technically subject to the Holy Roman Empire, the peace settlement effectively ended the empire's ability to exercise meaningful control over the region.12

It is important to note that while this treaty established a state of de facto independence, the Swiss Confederation did not achieve formal, legal exemption from the Holy Roman Empire until the Peace of Westphalia in 1648.3