No, this proves that in some applications, D-Wave's machine offers considerable speedup over intentionally de-optimized alternatives. From the blog post:
We should note that there are algorithms, such as techniques based on cluster finding, that can exploit the sparse qubit connectivity in the current generation of D-Wave processors and still solve our proof-of-principle problems faster than the current quantum hardware.
In other words, the current D-Wave machine requires that problems have a particular, very restricted structure and they're only 10^8 times faster when competing with poorly-optimised solvers that don't take advantage of that special structure. if you use a properly optimised conventional solver, the D-Wave machine is actually slower. Google are hoping that future, more densely connected versions that don't exist yet will somehow retain the same speed while conventional code will get bogged down, but those don't exist and may never meet the performance promises that Google are hoping for.