No, the affected target can still move because the spell used its reaction, not its movement to move
On PHB pg. 189, under Your Turn, emphasis mine:
On your turn, you can move a distance up to your speed
and take one action. You decide whether to move first
or take your action first. Your speed—sometimes called
your walking speed—is noted on your character sheet.
On PHB pg. 190, under Reactions, emphasis mine:
Certain special abilities, spells, and situations allow
you to take a special action called a reaction. A reaction
is an instant response to a trigger of some kind, which
can occur on your turn or on someone else’s... If the reaction interrupts
another creature’s turn, that creature can continue its
turn right after the reaction.
So in your scenario the affected target would have used its reaction to move, but then it would still have its action, potential bonus action and movement to be used during its turn. As NautArch pointed out, the wording of the spell is specific in that it states:
...use its reaction to move as far as its speed allows away from you.
The spell says nothing about the creature using its movement for the turn, nor does it state that the creatures movement is impeded in any way. Since it doesn't, there is nothing preventing the creature from using its movement to return to where it was.
If it helps: There are 5 processes that a character can utilize per round. Action, Bonus Action, Movement, Reaction, and Interact With an Object (although this is a relatively minor action and is not paramount to this discussion). Whether you qualify for a bonus action or a reaction is dependent on circumstance, and if something uses one of those, they're independent of the other 4.
So for example: A Battlemaster Fighter using the Ready action to allow a Rogue to slip past an enemy on the Rogue's turn could state: I'm going to Ready my Maneuvering Strike and shout at the Rogue, "Run! I have him distracted!" The trigger will be as soon as the Rogue acknowledges the plan.
So now on the Rogue's turn, the Rogue says, "NOW!" The fighter triggers Ready Action, uses Maneuvering Strike and selects the Rogue as the recipient. The Rogue gets to move up to half their speed using their reaction, so the Rogue moves 15 feet, not triggering an opportunity attack from the enemy. Then the Rogue uses his movement to travel a further 30 feet past the enemy, Cunning Action Dash for another 30 feet, and Action Dash for yet another 30 feet, totalling 105 feet of movement away from the distracted foe.
Another example of this is the Rogue: Scout subclass. At 3rd level they get the Skirmisher ability:
Starting at 3rd level, you are difficult to pin down during a fight. You can move up to half your speed as a reaction when an enemy ends its turn within 5 feet of you. This movement doesn’t provoke opportunity attacks.
And yet another is the College of Glamour Bard, using Mantle of Inspiration:
When a creature gains these temporary hit points, it can immediately use its reaction to move up to its speed, without provoking opportunity attacks.
I hope these further examples help illustrate that your reaction is not limited to mere opportunity attacks and can in fact also apply to movement.