The study isn't wrong, but it's also not right, IMO.
This doesn't seem to mention the cost of the energy, just how "efficient" it is.... which, honestly, "efficient" can imply several things, and they don't seem to clarify what (at least from my first pass of this doc).
The issue is that even if you're getting 3-4 times as much heating/cooling as you could with something else, per jule of energy potential that is put into the system (in whatever form that is), if your energy cost for that source of power is high, it's going to lose the financial argument every time.
Sure, a natural gas furnace will consume "more fuel" and produce less effective heat than a heat pump, but if you're paying 10x the cost for electricity, then you're still going to end up spending more per degree of heating than with the cheaper fuel.
Where I am, electricity is pretty cheap, but natural gas is tremendously cheaper per jule.... so we can actually pay less by using the "inefficient" fuel for our home.
I don't think the numbers are dramatically different at the end of the day, but this study seems to completely ignore the core issue that most people will be concerned with.... which is: "will this save me money?" Which is arguably the more important metric.