Definitely!
As DoDo mentioned the alternative Maglev is very expensive so some sort of high speed train would definitely have been built.

Following up on a comment by Migeru was there any legislative action was taken as a consequence (either hasty or after the initial media frenzy dissipated) of this derailment?

As far as I know, no. The government pretty much stayed out of it.

What happened in the immediate aftermath was a frenzy of checks by the railway company.
June 4: Speed limit of 160 km/h for all ICE 1 trains
        and ultrasound checks of all wheels
June 6: All 59 ICE 1 trains recalled for ultrasound
        checks and not to be used until checked (even
        the 15 already checked since June 4)
June 13:Once again all ICE 1 trains recalled. This time
        because of the supervising Federal Railway
        Agency.
        They found similar problems in some urban rail
        trains using the same wheels.
June 15:The Federal railway Agency forbids the use of
        this kind of wheels. All have to be exchanged
        for standard wheels.

(According to the websites I googled the accident happened on June 3, not July 3?)

Additionally, checks all across Germany if there were similar switches before possible obstacles. Any new built tracks since then don´t have switches in potentially dangerous zones and new bridges - if possible - don´t have a "pillar" near the tracks.
Of course I don´t know how much retrofit was done.