The short version appears to be that the author has managed to replace standard linear algebra notation with an alternative (but mathematically equivalent) graphical notation, which is harder to do computations and write programs in. This submission is the latest in a trend of what I would classify as "math-lite" category theory and Haskell articles that reach the HN front page, which purport to explain something int…
> Is category theory a useful organizational tool in certain abstract branches of mathematics?
Yes. Abstracting math in a very general way lets you explore patterns and a result in category theory (e.g. Yoneda lemma) generalizes immediately to other instances of categories.
> I also find any claims that category theory is relevant to the average working programmer to be dubious at best.
I would say there is value in knowing some category theory, especially if the programmer is working in a strongly-typed functional language. Knowing what a functor is, what a catamorphism is and so on, can be useful ways to write more declarative code and teach about abstractions in the same way OOP uses Design Patterns to teach programmers about reusuable code.