[1] https://www.natureindex.com/news-blog/google-scholar-reveals...
[2] https://www.natureindex.com/news-blog/google-scholar-reveals...
I can't imagine two things making less tangible ("industrial") value than Mathematics and Neuroscience today. Physics is too big a field to make such an asinine comment on at least
(I also find it amusing that you categorize physics as "too big to make such an asinine comment about", but mathematics not)
My point is that the only counterexamples you could find to "industry labs > research labs" were in completely non-industrial scenarios like Mathematics and Neuroscience, two famously theoretical disciplines
Mathematics might be plenty large in theory-space, but real-world applicability is much more the domain of physics and thus I would expect many real-world applications to arise from it. So, to me, it's clear one cannot say Physics doesn't deliver on the physical from time to time