I mean, is it a more effective and/or efficient application of the same amount of funds?

If I have €200k sats and I want to give them to devs, is it better to give it to a board or to donate directly? We all assume the board has the most information, which is often the case in a particular case, but is it possible across all donors?

I suspect not. The board has one particular set of information, but not necessarily more than the entire group of donors. Each donor has a particular subset of information and can probably make educated guesses within that sphere, that would add up to more accuracy in aggregate.

Is central planning really more efficient?