A lot has changed since then.
> Hence, it will not be possible to transmit information over a covert communication channel at a high enough bandwidth to make such attempts worthwhile.
Skimming the citations though, I'm not 100% sure it's the same thing as Kocher (1994) which has a more direct line to Meltdown/Spectre. The idea that intervals of high-precision clocks could carry information is the same, but especially the KVM/370 paper seems concerned with it being used for unmonitored communication between two malicious actors, or as a tool to learn something generally about what other users of the system are doing, not exfiltration of the the stored data itself across a security boundary with an oblivious user. The 1991 paper seems to sit somewhere in the middle.
The problems of timing attacks in shared resource systems were well understood well before the Spectre mess.