Systems like Cingulata are true end-to-end encrypted systems. No data is decrypted at any point in the process.
All data manipulation and -processing takes place on encrypted data, as opposed to the encrypted database you mentioned, which still decrypts its contents in memory prior to processing.
The reason homomorphic encryption is far from being ready for production, is that all operations (e.g. all your algorithms and programs) need to be transformed to a virtual circuit that operates on cipher text encrypted by a specific algorithm.
This is akin to translating your software into an inefficient byte code that's then dynamically executed by an obnoxiously slow interpreter.
The great part is that you can simply encrypt your data on a local (and trusted) machine, send the cipher text into the cloud for indexed storage or processing and do your queries or operations on encrypted data. At no point will your data ever be decrypted on the remote machine.
So there's great potential there w.r.t. privacy and cloud computing (and especially AI where training data is often the "magic sauce" that gives your company an edge over the competition) and SaaS.