No it's not better than what is going on in academia. It's like the extreme version of all the problems of academia rolled into one: Hyperbolic storytelling, massive vague claims, not citing anyone but yourself, and nothing backed up by evidence matching the claims.
I spent way too much time looking at the Physics Project when it came out, there is just nothing of substance there. And no, he is not doing experiments that back up his claims, he's just running some random simulations and waving his hands at the pictures that come out.
One key aspect of the scientific method is to acknowledge that it's very easy to fool yourself into thinking you have understood something "up to ironing out some details". Every crackpot is convinced of this. And that's why science operates on the foundation of convincing others of the understanding we have reached. Not any random others, but other people that have invested the time to master what is already known, and are making a good faith effort to understand. I am not talking about peer review, I am talking about the long conversation that unfolds over many many publication, conference talks, heated seminar discussions, etc.
Nothing Wolfram has done/contributed to in the last 30 years that has convinced anyone of note. Deep thinkers in all branches of science that he touches upon have unanimously found his output to be a vanity project of no scientific value. That is not to say that there are no interesting and valuable ideas in the texts he produces, it's simply that these ideas are already known, not his, and he does not acknowledge or tackle the problems that they have. In turn he has not made a good faith effort to engage with the work of others that is pertinent to his claims (usually because this would show that his claims are vastly exagerated and known to be problematic).
He good at one thing: Selling himself as a genius outsider to people not willing or qualified to come to their own conclusions on his work.
(I rather enjoyed this review of ANKS which goes into some detail for a number of the points I make here: http://www.bactra.org/reviews/wolfram/ I personally looked quite deeply into the "papers" produced at the time of his "Physics Project", by Gorard. Some of these are things I have studied very deeply in the past and feel qualified to judge. There simply is _nothing_ there.)