I agree that this money is not enough for what is needed across the UK. It's alot better than nothing. But the big problem with cycling infrastructure in the UK (and some areas more than others?), is that existing paths and routes are often not maintained long term. Even just simple cleaning is neglacted sometimes. What use is a cyclepath, jf it is left overgrown with bushes, covered in smashed glass and dog doos, and nasty bramble branches? The Netherlands and other countries are sadly way ahead of the UK in this respect. If so much as just one path tile is cracked, or one sign is misaligned from sight, it is treated with priority repair within 24 hours.
I would be happy just to have sweeper trucks cleaning up glass, and half decent tarmac instead of cheap dusty construction 'recycled' gravel. I think every last penny should be put to practical everyday use, to give cyclists basics they deserve to keep them wanting to use paths.