Unlike a Turing machine, a circuit is finite. All circuits are "solveable" (given a outputs, compute an input which yields them) by trying all the input patterns.. There's no undecidability and no halting problem. There's just difficulty. "Difficult" here means there's no way easier than trying all the patterns. This is the same property sound cryptosystems are supposed to have - there's no easier way than trying all the keys.
Whether this result can be extended to programs with iteration I'm not sure. The paper doesn't seem to mention iteration or storage.
The class of circuits in question is P/poly which includes BPP (which includes P, the class of polynomial-time programs). So the result is quite general, since most practical programs are in P.
For an introduction to complexity theory, see Arora, Barak (2009) (Draft available here https://theory.cs.princeton.edu/complexity/book.pdf ); same Barak that did the presentation "On the (Im)Possibility of Obfuscating Programs" (2001) mentioned in the abstract.
As shown by the DRM schemes used in modern games, this type of obfuscation comes at the cost of performance: Unless you want to compute a sensitive function at the user's end in an obfuscated manner, it'd be much simpler to just run that function on your end and optimize it in terms of running costs & performance.
Such a design would also runs counter to the everything-as-a-service model that companies are trending towards, as it places more power back at the user's end, even if the user can't decipher the obfuscated function's inner mechanisms. Such a design would reduce the need to phone home, and thus the need for EaaS.
Unfortunately, the biggest industrial use case is making wi-fi routers that are absolutely impossible to install OpenWRT on, etc...
I was feeling crazy after reading that.
There's no way to know. But the NSA (at least) has a documented history of making crypto breakthroughs and keeping them secret (e.g. public key crypto: https://en.wikipedia.org/wiki/Public-key_cryptography#Classi..., differential cryptanalysis: https://en.wikipedia.org/wiki/Differential_cryptanalysis#His...).
And yet the machines we can actually build are far closer to LBAs than TMs.