I agree with the critique on the "socially constructed" part of this article.

I'd also add that since it was literally The Times newspaper which created the font, and it was considered one of the papers of record for the time (no pun intended), the font was probably designed to have a sense of accuracy, truth and authority. In other words, the institution that created the font is very much part of the socially constructed aspect of this font. In this case giving it that air of authority via it's relationship with a newspaper of record.