Yes, regardless of Bolt's specific circumstances, this is on point. Nobody is giving startups money to sit on it. Especially for the really big raises, a big part of the motivation is that the company has made a case for how the large amount of money is going to be deployed very quickly (with the goal of generating returns). You don't take $900M of VC funding and stretch it out over 10 years, that's not what they gave it to you for.

Whether it's actually possible to usefully deploy all that money is another matter. Generally it's very hard. I only have an up-close perspective on one such large raise (that ultimately failed) but imo the reason they got the money was that they made themselves a credible way to spend so much so quickly.