"Maybe, maybe not"? Please, you know that the answer is "not even remotely close". Even when you start with petroleum as your feedstock and only waste 10-15% of the energy it contains in refining and distribution, you've still got the car only turning 20% of the energy therein into useful kinetic energy (25% in the case of diesels), versus an average of about 85% of the electricty into kinetic energy (minus about 8% transmission losses), plus automatically gaining hybrid-style regen. Even if the process was 100% efficient - which it won't be anywhere even close to that - just the difference in propulsion technolgies would put the EV at 4 times the efficiency. Based on related processes, I'd wager that this tech is probably along the order of 30% efficient, so you're looking at about 13 times more range per kWh on an EV than a ICE car fuelled by this fuel. Which means 1/13th as many square kilometers of wind turbines, 1/13th as many solar panel factories, 1/13th as many dammed rivers, etc. Yes, it really matters.
But come on, don't play dumb and pretend that you actually think that the efficiency of taking electricity, extracting gases from the air, converting them into a mixture of complex hydrocarbons, then burning them in an ICE and facing Carnot losses, is somehow "maybe, maybe not" more efficient than using the electricity directly.
it has a higher energy density than batteries, which is super important for vehicle applications.
It really, really isn't. Almost everyone on the planet would be driving an EV at today's energy densities if one factor was significantly improved, but that factor isn't energy density. It's cost per kilowatt hour.
A 250Wh/mi EV that can go 400 miles (8 hours driving without a stop at an average speed of 60mph) needs 100kWh. At a reasonably good but not spectacular 200Wh/kg, that's 500kg. Due to electric drivetrains' superior power density, switching a low power gasoline drivetrain to an equivalent electric one saves about 100kg. Switching a high power gasoline drivetrain to electric can save a couple hundred kilograms. So you're increasing the weight of a car by a few hundred kilograms. You really think your average consumer would give a rat's arse if their car is a couple hundred kilometers heavier if it lets them drive on fuel that costs a third as much?
Of course, these are only a couple of the issues (I'll ignore environmental ones for now because I know a lot of people here don't give a rat's arse about them). Added weight hurts handling on cornering. But EVs make better power to weight ratios easier, and especially improve performance on low end torque. They also give designers a lot more flexibility on placement of components, which can translates into things like more spacious interiors for a given vehicle footprint, and almost always means a lower CG. One has to charge, but one never has to go to a gas station, and most people would find plugging in in their garage much more convenient than a special trip to a gas station and standing outside in whatever weather. This leaves open the question of charge times, of course. But if you can drive hundreds of miles on a single charge and charge up on a fast charger during lunch and then take off again, it's pretty irrelevant. Gasoline cars need big tanks to minimize the inconvenience of having to stop for gasoline regularly in your daily life. Using fast chargers of course means having a fast charger infrastructure, but that's an eminently addressable chicken and egg problem. Modern li-ion batteries deal quite well with fast charges.
The short of it is, if today's batteries were cheap enough - no better density or anything else - electric cars would very quickly take over the market place. Other improvements in technology will improve the sales proposition, but they're not essential.