The issue is that in Computer Science "real-time" doesn't just mean "pretty fast", it's a very specific definition of performance[0]. Doing "real-time" computing is generally considered hard even for problems that are themselves not too challenging, and involves potentially severe consequences for missing a computational deadline.
Which leads to both confusion and a bit of frustration when sub-fields of CS throw around the term as if it just means "we don't have to wait a long time for it to render" or "you can watch it happen".
I think that pretty much meets the definition of "you can watch it happen".
Essentially there is real-time systems and real-time simulation. So it seems that they are using the term correctly in the context of simulation.
I was doing "realtime ray tracing" on Pentium class computers in the 1990s. I took my toy ray tracer and made an OLE control and put it inside a small Visual Basic app which handled keypress-navigation. It could run in a tiny little window (size of a large icon) at reasonable frame rates. Might even say it was using Visual Basic! So yeah "realtime" needs some qualifiers ;-)
Moore's law may be dead in general, but computing power still increases (notwithstanding the software bloat that makes it seem otherwise), and it's still something to count on wrt. bleeding edge research demos.