No, this is a shallow understanding of AdS/CFT. If you want to study quantum gravity when it is weakly coupled to matter, you can use AdS/CFT regardless of whether the background space is asymptotically AdS by embedding a brane near the boundary and working in a perturbative expansion. If you want to study the physics of quantum de Sitter space with a field theory dual, you can study any of the recent work on TTbar deformations. And anyway, surely you aren’t arguing that conformal field theories are irrelevant for physics? Because that would obviously be an untenable position, and the whole point is that quantum gravity AdS (basically) is CFT (it’s an equality! It goes both ways), just in different variables. You can actually study non-gravitational physics with it, using a gravitational language. That’s awesome stuff! Please don’t dismiss this fascinating field too quickly.

By the way, I know Oppenheim personally. He gets funding from string grants. Nobody is angry about that. Anybody can do this. I don’t think his theory is going to pass any experimental validation (it requires a really severe violation of a physical principle we have tested over and over) but the entire community has always supported and listened. He gives talks at major universities. He’s not an outcast or renegade or something.

>Ads/CFT is overblown

This is a preposterously uncharitable characterization of something that again, was I think a triumph of string theory, the likes of which cannot be claimed by any competing theory. It is a framework for understanding black hole information loss, and it even has specific applications in condensed matter physics for modeling high temperature superconductors.