It's nowhere near, but it's not intended to be. The work is really more a philosophical statement rather than an attempt to re-create the SM. It's saying that there's nothing fundamental about fermions and gauge bosons, and that these can emerge as the low energy excitations of some other _unspecified_ problem. It's showing that universality can extend to these systems, which at one time or another had been felt to be so constrained by their respective symmetries that any underlying microscopic theory had to respect those symmetries also.
In Wen's book, he paints, I think, a rather optimistic view point of how far this can be extended. He identifies a few remaining puzzles, chiefly amongst them the issue of how to get chiral fermions and gravity. But it's important to realize that even if it turns out to be possible to have these emerge (and I do think it's likely --- gravity + bosonic field has been done, not sure about fermions), it only makes constraining the microscopic theory behind SM _harder_, not easier.
Incidentally, the view of gauge theories as lines connecting two fermions has been around for about four or five decades. After all, it's clear that whilst the connection, as a classical variable, is not gauge invariant, various quantities like Wilson loops (and its extension to the non-Abelian case, or open strings terminated by fermions) were realized very early on to be gauge invariant. Further work, mostly using QED (which is unfortunately much simplified from the full case) has shown that it's possible to entirely base the theory on these loop variables --- up to certain mathematical complications due to the need to smear the loops slightly. In fact, this line of attack is what eventually gave string theory (though it can be argued that string theory deviated a little from the spirit of things). Similarly in loop quantum gravity, the idea to to rephrase GR in terms of loop/gauge invariant variables. However, these are all classical variables, and thus suffer from all sorts of rather nasty singular behaviour even when the quantum theory is well-defined.