Determining whether a molecule is an agonist takes a long time to calculate. I've heard the complexity is O(N^3). Biological systems do this in constant time, trillions of times a second in parallel.
If you could simulate biological systems easily, you could do drug development completely inside a computer.
Fluids take an enormous amount of computing power to simulate correctly. But water isn't smart, it just does what water does. Heck, the N-body problem is a classic O(n^2) algorithm, but we don't say that the planets and stars are "solving" it.
To use your logic: Large integrated circuits take an enormous amount of computing power to simulate correctly. But integrated circuits aren't smart, they just do what integrated circuits do.
Also, new AI techniques are good at finding good enough equivalents to exactly replicating human cognition for many things, but that might get harder as the problems become even more general.