By formalizing, they mean within a proof assistant like Lean or Rocq, not simply in prose in a textbook. I can attest, 40 hours per page is by no means an overestimate for this sort of work.
166 * 40 = 7000ish
They say it is 20x that.
Do you also agree with that?
> Say a research article takes 20 times more effort to formalize than page in an undergraduate textbook.
That would suggest formalizing a 10-page research article might take 200 weeks (assuming 40h/wk) of effort, or about four years. Not a mathematician, I have no idea if that's in the ballpark.