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It sounds like they're basically just sending money to the states, so how efficiently it gets spent will depend largely on the state governments.

In Texas they're absolutely going to give all of the money to big telecom companies to help them buy other big telecom companies, in California they'll perform 20 years of environmental reviews before proudly giving DSL connections to 7 undocumented immigrants in Fresno, in Florida they'll use it to create an alternative anti-'woke' internet with Great-Firewall-of-China levels of content censorship and dial-up level connection speeds, and in New York, the money will simply vanish, and nobody will know where it went or be particularly interested in finding out.

But in smaller / better-run states, the money might actually do some good.