The claims seem to be an overreach of what is actually proven. We've known about progressive feature complexity and the impacts of early training structures on later training for a really long time (since CNN's, The Lottery Ticket Hypothesis, etc...) and neither of those phenomenon are mutually exclusive with parameter overloading. The Multimodal Gap work (https://arxiv.org/abs/2203.02053) seems to imply networks have a tendency towards condensed representations that are clearly not semantic and a bunch of other considerations are already on the table for discussion. I don't think these have all been considered sufficiently to start claiming we are around the corner from mechanistic interpretation.