Wait, what? AFAIU what you say is true, except for the part where the “main proprietary blob” does not run on the CPU. This isn’t as glorious as an actual open-source driver would be, but it does have meaningful advantages—e.g. you now have a ghost of a chance of implementing Nvidia GPU support on a non-Linux kernel, by uploading the GPU-side blob and rewriting the CPU-side shim as required. Or is the blob license-restricted from being used line that?
The "main proprietary blob" they're talking about is the userspace portion of the driver; the portion which does all of the heavy lifting. That definitely runs on your CPU. The only part they open-sourced is the kernel portion of the driver, which just exists to facilitate communication between the userspace driver and the hardware.