I agree that this technique does not eliminate the need to understand whatever modules you choose to use in a project.
The purpose of this is to make distribution much simpler. With this model, you'd just copy your code onto a machine. At runtime, it automagically fetches and caches the libraries it needs. At design time, your development environment would mimic what a runtime environment is going to do with the hyperlinked modules so you'll have an idea how it's going to behave in the real world.
As you mention, this is particularly relevant to non-PC devices, especially because of the potential to cache and discard infrequently used modules to deal with limited storage, etc. While that's not needed on a PC with 300GB of disk, it's nice to know that if "Hyper Python" or "Hyper ____" became common, you could build apps for either category of device knowing this would be handled for you.