This level of word salad will be more than enough in most cases. Give it another few years and I can see how this type of AI permeates all aspects of life in the same way code has.
I'm using it to solve Advent of Code [1] and there a few others doing the same [2]. The training data biases definitely shines trough sometimes but thats mostly when the problem labels (R)ock, (P)aper, (S)cissor as A, B, C. It really wanted to use R,P,S as identifiers. But after you tell it to use the right identifiers it solves the problem.
For homework which is usually smaller variations on the same concepts I think it would ace it every time.
The [2] post is gathering some momentum on HN right now actually [3]. There are many more.
My partner is a teacher, and I genuinely think that in the next few years people will start to use gpt3 to finish assignments and teachers will have to begin to recognise it.