While yes you cannot strictly disable the ME, what remains of its firmware in this configuration is a bringup module that is stuck in a loop handling power management events.
The network stack, HECI stack, etc are all gone here. Effectively the only way to exploit it is to put your payload into SPI flash, which we are already doing anyways :)
It is also possible to take over the ME firmware and bring up the CPU using open source code, and have full control over the ME at runtime. This isn't implemented currently, but that's the direction this is aiming in.