some of the compounds we like best in hops are not water soluble and depend on the alcohol to pull them out of the dry hopping. I wonder if this product changes that calculus

Even if they are extracted into this fluid (for example, with polyalcohols, maybe just sugars), they still might crash on “fermentation” of nonalcoholic beer, whatever process is used. Maybe if these are strictly nonfermentable polyalcohols and at the same time highly soluble in various conditions (maybe even at 0C fermentation, as one of possible production ways), this might work indeed.