That seems like an understatement if I'm understanding it correctly.
Imagine you have a "time machine" and you want to solve some arbitrary computable problem. You try a prospective solution and see if it's correct. If not, you send the next prospective solution back to be tried on the next go around the time loop. Once you arrive at the correct solution, you send that same solution back so that the iteration stops there. Then the loop repeats indefinitely with the correct solution so that the probability of exiting the loop at the correct solution approaches infinity.
It would literally be the end of the world as we know it. P=NP. Forget about quantum cryptography, that would break all public key cryptography, all cryptographic hash functions. It would obsolete algorithmic complexity theory by effectively turning every finite space algorithm into an O(1) algorithm. It would probably bring Strong AI.
But it still couldn't break a one-time pad.