Refrigerant based systems aren't bounded by Carnot efficiency.
Yes, I mean Coefficient of Performance. It is directly equivalent to efficiency.
I don't understand how this thermal capacitor arrangement works, but if they're comparing it to Carnot efficiency, I assume it is bounded by Carnot efficiency. In the most common refrigeration applications, cold side is going to be -40C or above, and hot side max probably 50C. The Carnot efficiency between those temperatures are always going to be terrible to conventional heat pumps.