those are process problems that already have solutions (which reduce profit somewhat). the biotech process has a bunch of unsolved scale problems, will likely have it's own externalities, and cost significantly more.
Factory farms are also currently benefitting from economies of scale, something that plant-based meat manufacturers are only now catching up to. Plant-based meat's ingredients are generally pretty cheap compared to the cost of raising livestock, so theoretically they could potentially beat the cost of meat.
My non-expert hunch is that its externalities of lab-grown meat will be somewhat different from factory farms. Time will tell if they're better, more sustainable trade-offs.