As you are talking about reasonably sized input, your constant examples should also be reasonable. 10000 times difference in the constant is not reasonable. You wouldn't even get that from going from all data in the level 1 cache to random memory access with 10 times more instructions.
And "these papers" often do care about running time and will say whether it is possible to implement the algorithm efficiently, if you're lucky they'll even have done an implementation and you can see at what dataset sizes they are faster in practice.
And even if it were slower in practice, research like this is very useful, because it helps gives other researchers inspiration, ever since someone thought of looking at these problems like electrical flow in 2010, there have been ever faster approximations for it, while others will find ways to implement the algorithm efficiently, just in case a naive implementation of the offered algorithm isn't efficient enough.
Dismissing such research without having found any actual extreme inefficiencies in the proposed algorithm is not an attitude suited to anyone who wants to see progress.
And finally, the actual speed increase in the past decades hasn't been from O(N^2) to O(N^1.9) but from O(VE^2) to O(VE), which obviously does have a real impact, and even with a non-realistic 10000 times bigger constant it would still be far faster in any graph with more 10000 edges. And graphs with billions of edges aren't unusual anymore.