What you say is true, however there is some less than stella information in that document. I'm not going to critique the entire thing but I will point out two misconceptions commonly spread that appear in this document.
1) Flavour development during the boil is very minimal in most beers. The exceptions are when a small volume is separately boiled down to a thick syrup and then added back. The temperatures during normal wort boiling aren't high enough to produce caramelisation and the Maillard reactions are minimal, even after 2 - 3 hours of boiling.
2) Colour development (also from Maillard reactions) is also very minimal/imperceptible for most beers with the same qualifiers as for flavour.
Getting back to the length of boil discussion, other functions such as sterilisation (or more correctly, sanitisation), halting enzyme activity , etc. all happen within a reasonably short period of time; only minutes for denaturing amylases and ~10 min for sanitisation for example.
You're right, the boil is very important and one should not cut corners. However achieving the goals of wort boiling doesn't actually take very much time. There may be rare occasions where a short boil is not sufficent to achieve your goals but for most beers 60 min is not necessary. Again, this assumues you get a good rolling boil going. If you're only simmering then it may take considerably longer or some functions won't ever occur.
Also, I think you mean protein denaturing and coagulation, not formation.