Wow... the whole biotransformation info has been around for so long that this thread is like flat-earther stuff to me. I don't have all my articles at the ready because I read them years ago, but here's the first hit I get from a 2-second Google search:
https://www.ncbi.nlm.nih.gov/pubmed/10790686Did anyone read "Hops"? Stan Heironymous went into a fair amount of detail about the whole biotransformation thing, and I had read many of what were his likely primary sources and came to similar conclusions myself. Biotransformation definitely happens with some Saccharomyces strains.
The devil is in the details, however. Biotransformation could mean a lot of things. Which oils get converted by what strains to which byproducts and to what extent? This we don't know.
I don't think I've seen a study that specifically tests one of the common NEIPA strains for specific biotransformation reactions. My gut instinct is telling me that it is contributing to the flavor of these beers to some extent, but there is no way to quantify it at the moment.