This has been said for ages and, as a person in a very multilingual environment, I still cannot see it happening, no matter how good the translations are. I may be wrong, but talking through translation earbuds seems dystopic and uncomfortable.
there's also no substitute for the reduced inferential distance when two people speak the same language. the literal meaning of words encodes just a subset of the communication
but for people in unilingual environments, this tech seems like a miracle
It is definitely something miraculous, but still not the real thing.