Don't use them for wave slam on a vessel, but they're brilliant for games.
Reading through some SIGGRAPH papers on fluid dynamics might be interesting.
The TLDR is that fluid dynamics can't be efficiently calculated exactly, and the computational complexity grows exponentially for linear improvements in fidelity.
AI simulations can generate natural seeming fluids in constant amounts of compute, by learning heuristics that look realistic but may not actually exactly match what you'd get from running a PDE solver.
So, to not have to use a gigantic neural network at the problem, you use some clever 'tricks', like dimensionality reduction and decomposing the problem. For example you can separate the spacial domain from the time domain and predict those with dedicated models, before joining the solutions again.
There are 3 spacial dimensions + one time dimension in Navier-Stokes equations. Not billions.