For what it's worth, Charity Navigator gives them 4 out of 4 stars with a 98.33/100 rating: https://www.charitynavigator.org/ein/200049703
Meanwhile eg the American Cancer Society gets 73/100 and spends more on fundraising than WMF's entire budget, so oncologists can snort blow off hookers in Vegas, but nobody cares.
The whole premise of Wikipedia (or aspiration, at least, and yes, not always fulfilled ...) is that people should have information so they can't be manipulated.
It kind of sucks to see the very organisation hosting the site do the opposite, don't you think?
But the banners I've seen have invariably been about the imminent demise of Wikipedia. Not that they got lots of other side projects they want funded.
If you assume the fund drive exists to help keep the lights on then I think it is natural to treat it as an existential issue for Wikipedia, but that doesn't seem to match the specific language used.