Ignoring for now the philosophical issues (the concept of existence, for instance), the concept behind the space-time loaf, the "relativity of simultaneity", is an important concept in relativity.
So I can't comment on the particular presentation you are talking about, but I can say that the idea behind the space-time loaf is a valid and important one.
It might be helpful to read different treatments of the issue (the issue being the relativity of simultaneity) if the "space-time loaf" formulation isn't making sense.
The relativity of simultaneity is addressed more formally by Einstein's train paradox (which you will also see a lot of discussion of). Einstein's original formulation can be found online, at
http://www.bartleby.com/173/9.html
There are other treatmens along the same line - I recall reading a paper that claimed Einstein's original formulation, while logically sharp, was confusing to students. But I don't recall allegedly less confusing presentation of the idea anymore.
I believe a lot of the confusion arises from trying to disentangle two separate concepts, that sometimes get conflated. These are simultaneity and causality. Two events are simultaneous if they happen to share the same time coordinate. This is observer dependent. Cause and effect is not observer dependent, a cause always proceeds an effect according to every observer.
The old idea of absolute time had a universal "past" that caused a universal "future". In relativity, since there isn't any universal "now", there isn't any universal "past" nor any universal "future".
To use the bread analogy, space-time as whole is a loaf, there isn't any way to separate universally "past" from "future" until you cut the loaf. And the way you cut the loaf depends on the observer.
But cause and effect still happens , it's reformulated as a relationship between individual events rather than as a global concept. Cause and effect in relativity is determined by light cones. While A lot of texts talk about light cones, a specific reference doesn't come to mind. Basically every event has a past light cone, which is the past of that event, and a future light cone, which is the future event. Sometimes events occur outside the light cone - when A is outside B's lightcone, B is outside A's lightcone. Two events outside each other's lightcone have a designation, they are called "spacelike separated", and different observers will order them differently. There isn't any issue with causality, because no cause can propagate faster than the speed of light.