That’s a fair point. Reality Labs covers AR (Orion), neural interfaces, and the Ray-Ban partnership too.
But the 'Metaverse' was the governing thesis that justified that entire strategy and burn rate. Even if the breakdown is 50/50, we still have tens of billions spent on a VR software ecosystem (Horizon) that's nearly empty.
The specific dollar amount matters less than the ratio of 'capital invested' to 'consumer value created'. And there's a big gap between those.
