yes, though perhaps stating the obvious: it depends what they do with it.
Ladybird currently has 8 full-time devs [1] and is making impressive progress on delivering a browser from scratch. Wise investment in small, focused, capable teams can go a long way if they're not chasing VC-driven Unicorn status (or in stasis as a Google anti-trust diversion).
That's not challenging your point though: in the face of competing budgets at US tech giants, EUR17Mn still barely registers above noise level. Nevertheless, it's a start. We can only hope it grows and doesn't get shut down by some political lobbying by the aforementioned US behemoths. A modest budget might actually help there - not yet big enough to cause concern to incumbents.