COBOL's main value is in maintaining a pile of legacy codebases, mostly in fintech and insurance that are so large and so old that rewriting them is an absolute no-go. These attempts at cross compiling are a way to get off the old toolchain but they - in my opinion - don't really solve the problem, instead they add another layer of indirection (code generation). But at least you'll be able to run your mangled output on the JVM for whatever advantage that gives you.
With some luck you'll be running a hypervisor that manages a bunch of containers that run multiple JVM instances each that run Java that was generated from some COBOL spaghetti that nobody fully understands. If that stops working I hope I will be far, far away from the team that has to figure out what causes the issue.
It is possible that someone somewhere is doing greenfield COBOL development but I would seriously question their motivations.