Academic probation is for students with poor grades. A prof may be reprimanded or have their employment on some sort of probation, but it wouldn't be academic probation. I also doubt the TAs would be privy to the prof's employment situation, and if they were I doubt they'd be stupid enough to "leak" that information to undergrads before it became public knowledge.
Odds are, it means nothing for the students taking the course unless the prof faces some disciplinary action beyond what's going on now. If he's a sessional, it could mean that his contract won't be renewed but likely nothing would happen until the end of the semester unless there were some severe issues (beyond the course being unorganized).
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Hon. BA Economics '14... graduated, yo!
MA Economic Policy '16
Statistics Canada
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