Is there really a big time savings to taking this AI route versus, say, Cathay?

SFO-HKG-BOM is 9570 miles. If there's any layover, HKG is a great place to have one.

SFO-LAX-FRA-BOM is 10208 miles. Farther (though not by much), but you also have layovers in LAX (a terrible place for a layover) and in FRA.