You're making the same stupid mistake Jason Black is making.
I actually agree that billionaires engage in philanthropy as a way to get out in front of lower classes rabble rousing. In fact, this is why philanthropy became a thing in the early 20th century as a way to combat social movements from workers who were realizing they are getting fukk by wealth inequality. I also wouldn't put it past Robert Smith to also engage in this.
But there is a difference in saying, this is great and I'm glad he did this but also lets make sure we remember this crisis over here and making statements that completely dismisses the contribution by calling it useless. You can hold two thoughts in your head. In fact, I don't even think you'd have to make the former argument because most people aren't going to be swayed into silence by this gesture despite the intention.
Sorry, but paying off folks student loans is not "meaningless" especially to those who were affected.