In my team, I estimate the cost of these boards are equivalent to the cost of about 3 face-to-face meetings of my team.
I think there's also a productivity / opportunity cost from only being able to share a whiteboard (real or virtual) during these occasional f2f meetings.
So it drives me a little nuts that management doesn't invest in this more, and treat team communications in general as a first-order problem.
I've been around long enough to know there can be factors I'm unaware of that management must consider, so I'm not assuming they're being irrational. I just don't know either way.
(I know there are other pros and cons for f2f meetings, making a purely monetary comparison incomplete.)