They are making game of thrones real. Lots of whores and titties, big ass wolves, religious cults taking over government, zombies, crucifixions, people being eaten by dragons.
In an ideal world, it'd be to de-extinct fairly modern things that filled a niche that is no longer being filled. This is far from an ideal world though, and the reason in this world is to make press releases to get people talking about it so they can raise more money while not creating anything of actual value.
Okay let's play that out... Everyone gets excited, they make big strong wolves and get funding... Now what?
They've got a pack of extra big wolves raised under human care. Do they kill them? Do they sell them? Do they open their own park? Do they just keep them for study? Do they just leave the gate open and let them go?
Probably start with one or a few cool scientists with that original purpose, then by the time it can take life it's gone through the enshittification machine.
The point is to get people excited so they can get funding to keep developing the technologies that will make this kind of genetic engineering commercially viable
most genetic differences happen on the biochemical level, i.e. different hormones and metabolism. superficial appearance is only a (very) small part of what defines a species. so i guess the answer is: not really, no.
They did have the genome, right? Why not just clone that? They could then add mutations in the amount that normally occurs in grey wolf populations to get a sufficiently diverse population going.