This approach typically works well for close-range convex surfaces (hand tracking, bin picking, face ID) but fails pretty miserably when longer ranges and concave surfaces are involved, due to quadratic signal dropoff and multipath errors.
As far as I understand, what the team has achieved is lowering the power requirements for the modulation part. It means they can spend the saved power on making the modulated light brighter, which should give them a bit more range. I haven't seen any other major improvements though and none of the other issues with iToF were addressed.
Not trying to downplay the achievement, just saying it is still affected by the usual tradeoffs and probably just occupies another niche in the high dimensional space of 3D cameras, rather than spanning many of today's niches.