Nothing would make it “help get a little closer to making it a reality” if it’s not physically possible, and there’s a very strong argument that that’s the case. If nothing else, the maximum specific tensile strength allowed by covalent bonding - which is fundamental physics that we can’t change - combined with the reality of defects in a 36,000 km cable - is far below what’s needed to build a space elevator in Earth gravity.
It might be possible to build a space elevator on the Moon or even (in the far future) on Mars, because their gravity is such that real materials could potentially do the job. But doing that involves bootstrapping an entire offworld industry, which is far beyond anything even the most advanced nations are capable of currently, let alone a technologically stunted oil state.