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.
2020/2021 revenue goal: $108M, increased to $125M, total at end of year: $154M
https://commons.wikimedia.org/w/index.php?title=File%3AWikim...
2021/2022 revenue target: $150M, already exceeded by end of quarter 3, weeks before the start of the fundraiser in India, South Africa and South America:
https://commons.wikimedia.org/w/index.php?title=File%3AF%26A...
I agree with others that Wikipedia very carefully makes it sound like they've got a sob story where if you don't donate they're going to shut down, so they probably get a lot of donations made with the belief that they're funding Wikipedia, but instead it gets shunted out to something else. Maybe something the donor is OK with, but maybe something not.
[Citation needed]
And by citation needed, i mean i think this is a false statement. Unless you count things that help multiple wikimedia sites as not helping wikipedia because it is not just wikipedia. After all, all of these sites run the same software, a bug fix affects all of them pretty equally.
Charities seem to do do that sort of thing to raise money, probably because it works and also because the current activities are already funded.
When donations are sought after a disaster the implication is that the money is going to directly help the victims, but the reality is that it will fund other efforts, possibly including helping the victims of a future disaster.