Wikipedia is a massive project with dozens of sister projects, all in over 300 languages, operating in hopefully every country on Earth.

I'm not going to argue WMF truly needs this exact amount of money, they definitely have wasted it on nonsense too, but through time, I did notice some cases where having significant funds is necessary. Sadly the most egregious case was a lawsuit in India where WP and several editors were accused of libel or something because they objectively described what some crooked businessman did. So, they had to pay the lawyers. In UK they also had to pay lawyers to defend their position while UK was introducing rigid regulations that could strongly affect WP's operation there (I forgot the details but some people outright proposed WP self-blocking in UK to avoid having to deal with the regulation).