I can't speak for biomedicine, but speaking as an academic in CS the claim that "close to nothing of what makes science actually work is published as text on the web" looks like a huge hyperbole to me.

It's true that the so-called "folk knowledge", knowledge that exists in the community but no one bothers to publish in the form of papers, is a real problem, but at least in my field, it's by no means the majority of knowledge.

As someone from a peripheral university where you can't just drive a few miles and talk to the best in your field, I have successfully started in new subfields of study (getting to the level of writing research papers in top-tier venues) by reading the literature.

While this essay provides a very interesting point of view, I suspect it's heavily colored by the authors' failure to monetize the technology (which is related to the fact that people doing most of the grunt research work, who would benefit the most for this, are PhD students and postdocs who have no money to pay for it - in the text, the author hints at this). I wouldn't take it as an accurate description of academia.