First of all, to clear up a possible misunderstanding: this new formula will not help you to compute determinants more quickly. The number of terms still grows a lot faster than polynomial, and if you just want to compute the determinant, there are polynomial-time algorithms for that.
The best theoretical results on the complexity of computing determinants, that I know of, are in [0]. In practice you'd probably use Gaussian elimination, or maybe Bareiss for integers.
Someone complained that there’s no code in the paper. Since it isn’t really useful for practical computation, I didn’t think code would be useful, but in fact it did start as a Mathematica program when I first discovered it. Adam Goucher (one of my co-authors) wrote a blog post on it [1] within a few days of its discovery, which links to my original Mathematica notebook.
(Edit: ur-whale points out that the link to the Mathematica notebook no longer works. I have now republished it at [2].)
[0] https://users.cs.duke.edu/~elk27/bibliography/04/KaVi04_2697...
[1] https://cp4space.hatsya.com/2022/07/02/a-combinatorial-proof...
[2] https://www.wolframcloud.com/obj/robin.houston/Published/det...