Earlier quoted context omitted.
This depends very much on what "practical purposes" are. For almost all conceivable technology, relativistic quantum mechanics for electrons and light, ie QED, is sufficient fundamental theory. This is unlike before quantum mechanics, when we basically didn't have fundamental laws for chemistry and solid-state physics.
The vast majority of useful things cannot be computed with QED from fundamental principles. You cannot compute even simple atomic energy spectra. The fundamental laws of chemistry have not been changed much by quantum physics, they just became better understood and less mysterious. Quantum mechanics has explained various cases of unusual chemical bonds that appeared to contradict the simpler rules that were believed…
Um, false? The fundamentals of chemistry are about electron orbitals (especially the valence ones) and their interactions between atoms to form molecules. All of my college chemistry courses delved somewhat into quantum mechanics, with the biggest helping being in organic chemistry. And modern computational chemistry is basically modeling the QED as applied to atoms.