Drug discovery is similar AFAIK. The space of possibilities is even larger than protein folding, but it's structurally similar enough that I think AI will help to make progress on the discovery side. Actually getting the drug tested and approved is another matter though for sure.
For one, the question for Anthropic is whether LLMs, specifically, not AI techniques more generally, can help significantly with cancer research. And here, all experience so far is that LLMs only really work when they can easily automatically verify their own outputs and self correct - such as in math (using automatic proof verifiers) or programming (using compilers and unit tests).
The second problem is that biological research speed is highly dependent on slow biological processes, such as cultures and long term studies. In programming, if an LLM could provide excellent insights and research suggestions 100x faster than a human, it would speed up the work roughly 100x. But in biology, it would only speed up the total work by a small amount - as any insight, even if absolutely brilliant and spot on, would still require months and years of actual experimentation.
I do agree that this kind of targeted approach makes sense.
However, discovery is not really the issue here. Running the clinical trials (1/2/3) is much much more difficult, and consumes basically all of the time in drug development, so even if LLMs perfectly automate this, the speedup will not be particularly large.