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.