Hard disagree. We only discovered the role that glial cells play in processing around 2014. We're still uncertain how patterns of activation consolidate through long term potentiation, let alone how signaling encodes information. We understand quite a bit about the role of the hippocampus and subiculum in encoding memories; but we don't understand the structural layout of engram complexes - which were themselves mapped for the first time only in 2022!
Taking effective results in machine learning, and somehow assuming that they apply to cognition - simply because neural nets were inspired by our limited knowledge of neural signaling and structure - is like trying to apply aircraft engineering to studying ornithology. For a better articulation of this point (from the reverse direction) check out the paper 'Could a Neuroscientist Understand a Microprocessor?' from 2017 - https://journals.plos.org/ploscompbiol/article?id=10.1371/jo...
>> We understand quite a bit about the role of the hippocampus and subiculum in encoding memories...
Hard disagree ;-) You're talking about high level architecture of the brain. I don't think (not my area I may be wrong) we know how memories are encoded in a real brain. Is it weights or something else? If it's weights that's supporting my point (but we don't know what the weights represent in a brain, where in LLMs many weights are just token encodings). If brains store memories in something other than weights I'd really like to know as it's something I haven't read about yet.