It's a "category error" like saying hydrodynamics are just quantum mechanics. It does not describe the complex emergent behavior and doesn't really tell you anything. Or it's like saying psychology is how the neurons and synapses connect with each and exchange signals and that is all - this would not explain the mental processes between a marmot and a human. So it's not an accurate simplified description, just a description of the basic building blocks.

Afaik nobody knows how LLMs actually think, we only know sort of how to train them. They are researching how LLMs think with an equivalent to MRI brain scanning: Vista do LLM-MRI Python module: a brain scanner for LLMs