Yes.

That said, it's novelty and working within set restrictions that makes it impressive.

Not the line count of the code, but the fact that it works within the set restrictions of making an n64 software renderer (novelty) with that line count of code. (also a novelty)

It's not important at all, it's novel. We have had hacky, and even gimped for quick hacks n64 emulation (compare Project 64 to say, Dolphin) since the late 90's-early 00's, but we haven't had a 512 line object software renderer. A novelty for those who like novel programming exercises!