I think that it makes much more sense to make meat and cheese directly from plant proteins, without going through the trouble of growing meat in bioreactors.
Assuming that both will have a similar endproduct (and Impossible shows that it's possible), making from plant proteins directly will always be cheaper, faster, require less resources and be healthier.
That said, I'm not against companies going in this direction. I think it's worth exploring. It's just a bit sad that this "high tech" gets much more press and hype than the more boring alternative, which is already here and reducing greenhouse gas emissions TODAY (which is the key). This is very similar to direct-air-capture technologies, which some day might be viable, but there are plenty of things that we can today that are just not as sexy and therefore don't get hyped in the media.
To be clear: I see a future where most meats and cheeses will be made directly from plants, and a small minority made using cultured cells.