In fact, I recall the very day the legislation passed, the same advocates were demanding even more money.
I've lived in Seattle for over 40 years now. Long enough to see innumerable funding increases based on demands that "this time it'll fix the schools". Nothing has moved the needle.
One of these is wrong:
1. the way the school system is set up and run
2. our expectations of what the schools can accomplish
Money is just not the problem.
The state was failing to provide funding to all of the school systems in the state. The legislature came up with a plan to fix that and the state Supreme Court agreed with it. There isn't much else to say there.
There is none.
I agree with (what I believe is part of) your position that lack of money isn’t the sole (and not even primary) problem in our schools. More money alone won’t fix anything. Maybe it’ll bring back music or other specials that some kids like, but money alone won’t put our education on par with Switzerland, China, or Singapore.
It’s also probably true that whatever is actually needed will also need money, at a minimum in the transition period. It’s a necessary but not sufficient input.
Not to mention that you can only know whether the foundation improved after you build on top of it... which is something we can only observe in the future.
Note that I am not saying that you are incorrect in your assessment. All I am saying is that it's too early to know one way or another.