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this post was submitted on 18 May 2025
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Yes - on the theoretical side, they do have an actual improvement, which is a non-asymptotic reduction in the number of multiplications required for the product of two 4x4 matrices over an arbitrary noncommutative ring. You are correct that the implied improvement to omega is moot since theoretical algorithms have long since reduced the exponent beyond that of Strassen's algorithm.
From a practical side, almost all applications use some version of the naive O(n^3) algorithm, since the asymptotically better ones tend to be slower in practice. However, occasionally Strassen's algorithm has been implemented and used - it is still reasonably simple after all. There is possibly some practical value to the 48-multiplications result then, in that it could replace uses of Strassen's algorithm.