I work on this stuff, short answer, no, it's not possible. This is just yet another overly complicated tempest attack. Especially with phones the camera link is so short it's just not radiating enough. They claim 30cm so you basically need the receiver in the same backpack as the phones. As phones get higher resolution and faster cameras this will become even less of an issue. Also, most importantly the camera has to be powered and running for this to work so just don't take pictures of classified stuff while carrying around a weirdly warm battery bank an unusually attractive eastern European girl gave you as an engagement gift and you're good.
The actual target here is some sort of The Thing https://en.m.wikipedia.org/wiki/The_Thing_(listening_device) style attack where someone with a huge budget can get a wildly expensive device really close to a system through a significant human intelligence effort.
The line of reasoning is valid though. These satellites will have some ability to track and intercept low power intentional emissions like WiFi and cellular packets. While these are encrypted there are still things you can do with the metadata.