The kind of edits and animations this can do are currently not possible with 3D modelling and animation, with or without this tech.
This kind of warping of 2D images is currently used extensively, but a lot more manually (See Live2d, the Photoshop mesh transform tool, or Adobe Illustrator). So, this does not replace 3D modelling; it replaces some 2D editing techniques where 3D modelling isn't even on the table as an applicable tool.
This kind of 2d image warping is useful in advertisements, game art, photo touchups, concept art, photo bashing and digital illustration.
This kind of warping of 2D images is currently used extensively, but a lot more manually (See Live2d, the Photoshop mesh transform tool, or Adobe Illustrator). So, this does not replace 3D modelling; it replaces some 2D editing techniques where 3D modelling isn't even on the table as an applicable tool.
This kind of 2d image warping is useful in advertisements, game art, photo touchups, concept art, photo bashing and digital illustration.