I was just about to point out several angles this post neglects but it looks like from the edit this post is just intended to address a narrower question. Among the angles outside the intended question: philanthropy by the ultra-wealthy often serves as a tool for reputation laundering and influence building. I guess the same criticism can be made about a lot of conventional philanthropy, but I don't think that should absolve EA.
This post somewhat frames the question as a comparison between EA and conventional philanthropy and foreign aid efforts... which okay, but that is a low bar especially when you look at some of the stuff the US has done with it's foreign aid.