Exponential complexity is what you automatically get when your algorithm is "generate a possible solution, verify if it's correct, repeat if it's not". Polynomial complexity is what you get when the problem itself has some kind of structure that you can exploit to either directly construct a solution, or to generate a very small set (relative to the problem size) of possible solutions that have to be checked by hand.
Now, it is true that for all practical problem-solving purposes, "P = NP but only with algorithms that require n^10^80 or more time (with this as a proven lower bound for even the typical case, no hope of improving)" would be exactly equivalent to "P != NP". However, it would still be a mathematically extremely interesting result, as it would tell you that any problem where it is easy to verify if a solution is correct carries some hidden structure that makes it "easy" to generate the solutions. And it could still open the door to finding new sub-classes of actually easy instances of these problems that are not known today, even if the worse case remains just as intractable.
Now, note the refutation of ETH with the new algorithm found by AI is not really that impressive, it doesn't seem to have that deep of an implication. Sub-exponential running times are not that fundamentally different from exponential ones - they basically just tell you that the problem has just enough structure to eliminate a certain class of possible solutions outright, instead of spending the time to actually verify them. If the algorithm found had been polynomial, even of a huge degree, this would have been a completely different discussion. As it is, we'll just replace the ETH with a "nearly-E"TH and nothing much changes.