The Solovay-Kitaev theorem (and more recent improvements) explains how to efficiently compile any 2-qubit unitary into any universal (dense) finite set of gates. My question is if this theorem is relevant for modern hardware?
Take, for example, superconducting qubits. There, modulo noise and errors, arbitrary single-qubit gates can be executed. Having the capacity to perform arbitrary single-qubit gates allows to compile any 2-qubit gate with at most three CNOTs.
I am not sure, but I'm guessing that other hardware platforms also allow for the continuous single-qubit gates. Does this make the Solovay-Kitaev theorem obsolete for practical purposes, or am I missing something?