The work Wolfram, Gorard, et. al have been doing on this is incredibly fascinating and mind bending. And I love that they are live streaming and posting videos of their working sessions so that non-academics can see how this kind of research is done.
Regardless of whether this approach leads to new experimental predictions, it's important in that it's a fundentally computational model of physics that reproduces general relativity and quantumechanics.
The concepts of multiway graphs and causal invariance are also valuable as ways to model and study nondeterministic computations; they turn such computations into objects with an underlying structure. And there are absolutely consequences for computer science and mathematics, in general, in studying such models.