From my experience of working in this problem domain for the last year, I'd say it is pretty powerful but the "too good to be true part" comes from that EML buys elegance through exponential expression blow-up. Multiplication alone requires depth-8 trees with 41+ leaves i.e. minimal operator vocabulary trades off against expression length. There's likely an information-theoretic sweet spot between these extremes.
It's interesting to see his EML approach whereas mine was more on generating a context sensitive homoiconic grammar.
I've had lots of success combining spectral neural nets (GNNs, FNOs, Neural Tangent Kernels) with symbolic regression and using Operad Theory and Category Theory as my guiding mathematical machinery