It's nowhere near a precise estimate of the probability of life. What it mainly shows is that the Fermi "paradox" is no such thing. It can look that way if we guess specific parameter values, but if we fully account for our uncertainty on the various parameters, then the result is a decent chance that we are alone, given the knowledge we have so far.
You can’t have a distribution with one data point.
It’s similar to the arguments about 3I/Atlas being an alien spacecraft because it’s so ‘weird’.
With so few data points, everything is fundamentally ‘weird’ - or normal - we have no way to tell, so making any sort of statistical argument about it is fundamentally useless and misleading, as statistics is based on groups. And we don’t have a group yet.
One of the most uncertain parameters is the rate of abiogenesis events per planet. For that one they used a log-normal with a standard deviation of 50 orders of magnitude. They discuss specific theoretical limits from biology for both ends of the range.
Compared to this approach, the usual method is to just pick particular values out of a hat. This paper at least improves that by directly representing our vast uncertainty for some of the values.
It doesn't tell us how many alien civilizations there are. But it does tell us the range of possibilities, given what we know and don't know.
Life, once established, is about competition for niche resources. Established life would kick the polypeptides out of a protocell quite easily (with certainty > 99%).
Protocells could be evolving right now at vents in the ocean, with zero of them managing to escape their birthplace due to being outcompeted by things with fully developed organelles.
If you're willing to concede that in fact, that doesn't happen, then you're putting a limit on that parameter, just like the paper did.
Drexler and colleagues did that, and found "a substantial probability that we are alone in our galaxy, and perhaps even in our observable universe (53%–99.6% and 39%–85% respectively). ’Where are they?’ — probably extremely far away, and quite possibly beyond the cosmological horizon and forever unreachable."
https://arxiv.org/abs/1806.02404