Intel got cash by selling shares of MobilEye. It still owns majority of MobilEye (that means greater than 50%) so that is future cash if needed.
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Short answer:
Not much, it's a distraction
Long answer:
The IPO means some portion of the shares of Mobileye are now publically traded under the symbol $MBLY
The IPO price jumped 37% on the first day of trading. Some would say that Intel and their bankers did a poor job of pricing the company with this big of a pop. However, Intel still holds most of the shares so they probably don't care that much that the IPO was so mispriced. If anything, the expenses they had to pay the bankers were probably lower.
Because $MBLY is publically traded, the portion of shares Intel holds should be reflected in the companies financial statements. It hasn't really helped the stock much but, after all, $MBLY is very small compared to Intel market cap. Also, in case you haven't noticed the terrible Q3 results are dominating the conversation on Intel stock.
Mobileye doesn't have much of a business link to Intel. Sometimes companies use the IPO on the way to completely divesting a unit. Since that deal was done before Pat took over, you might expect them to jettison the business. The new CEO can easily blame the mistake on the prior CEO and the board usually would be ok with that. Intel spends billions and billions on acquisitions. Very few of the acquired companies are around after 3-5 years. Some argue they have destroyed a lot of shareholder value and there is truth in that for sure.