وَقَدْ حَلَّ لَهُ كُلُّ شَيْءٍ إِلَّا النِّسَاءَ.
Translation: He is now released from the ihram restrictions except marital intimacy.
Ḥalla here means that the prohibition has been lifted. After the stoning and shaving/shortening, the pilgrim reaches the first release from ihram, when many ihram restrictions end.
The exception illā al-nisāʾ should not be translated as an unqualified statement that 'women are forbidden.' In this legal context it refers to the continuing prohibition of marital intimacy. The second, complete release is addressed with the visitation tawaf in the next level.