A problem with epicycles is they are harder to falsify. If the model doesn't match new observations, just adjust it, or add another epicycle. In contrast, Newtonian gravity can hardly be tweaked at all. So when Mercury's orbit was slightly off, they knew something was wrong.
I'm not quite clear on how I feel about this. Geocentricity is a theory, in broad terms. It seems disrespectful to say adding epicycles makes it "not a theory". As you say, there was a theory that the planets actually moved in epicyclic motion. It wasn't just calculation to them.
(I want to stress that the idea of epicycles, the mechanical craftsmanship, and actual prediction of the planets are all amazing genius.)
Yet, having more parameters than data means the model doesn't explain in simpler terms, only restates. In this sense, it's "not a theory" (by Occam's razor). It seems enough epicycles can model anything: (3Blue1Brown Fourier Series) https://youtube.com/watch?v=bL0LV0Huj1s OTOH the epicycles did predict planetary motion, so they did capture some regularity... not sure what to think.
RE Chomsky: You can see it's like epicycles: with enough parameters, an LLM is like a numerical method for curve fitting, that doesn't explain the data (any more than a fourier transform does). Curiously, they do seem to predict very accurately... yet also generalize strangely ("hallucinate"). What to think?
But it seems it's got to help! Even if only as a device, like a telescope. Also, from this interview with Terry Sejnowski (https://youtube.com/watch?v=XKC-4Tosdd8 3 hours!) there's instances where a technique was developed for a problem with Neural Nets, and an equivalent was found in the brain.
He also gives a Chomsky-like view: if you duplicated the human brain and it worked perfectly, you wouldn't have done any science if you didn't understand anything.
BTW Chomsky's point E (which I'd never heard of), the last and most minor, was based on Gold's work.