It's more of a thought-experiment - does the idea of an object persist beyond its physical attributes, and if not at what point does the quality of an original object dissipate - and works better if you think about it in stages.
Theseus has a wooden ship. One day he replaces one of the deckboards with a new one. Is the ship still Theseus's ship?
One day he replaces a hull plank with a new one. Is the ship still Theseus's ship?
One day he replaces the mast with a new one. Is the ship still Theseus's ship?
One day he replaces a rib with a new one. Is the ship still Theseus's ship?
Over time he replaces all of the deckboards with new ones. Is the ship still Theseus's ship?
Over time he replaces all of the hull planks with new ones. Is the ship still Theseus's ship?
Over time he replaces all of the ribs with new ones. Is the ship still Theseus's ship?
One day he replaces the keel with a new one. Is the ship still Theseus's ship?
Eventually he has replaced all of the original components with new ones, none of which sailed on the original ship, with no surviving pieces of the original. Is the ship still Theseus's ship?
If you answer "yes" at all stages, the idea of the object is more important than the material it's made from. If you answer "no" at any stage, you have a threshold value for how much of the original material must be present for the object to remain the object (and that value requires justification).
Hobbes' corollary is also interesting; each time Theseus replaces part of his ship, the shipbuilder uses that part to construct a new ship. Eventually the shipbuilder has a ship made entirely out of the original pieces of Theseus's ship. Is that Theseus's ship as well, instead, not, or neither are?
If both are Theseus's ship, then both the idea and the material possess the quality of the object. If the "original" is still the only one and the reconstructed ship is not then only the idea persists, while if it's the other way about then it's the other way about. If neither is Theseus's ship then... why?
There is a modern equivalent too, and it's why Ford Escort Mexico VIN plates (the keel) sell on ebay for thousands, why people pay millions for Continuation cars (the idea), and why people have such rage-boners over matching numbers (the material)...