You got me there.
Sure, the research will likely at least clarify the challenges. For actually being very successful for the military purposes in the four years of the program, I'd say little to no hope.
But where you got me is even if the military goals are not achieved in the four years, maybe there will be some progress for what you mention. And even if there is no such progress, go ahead and spend the money, if only to clarify the challenges also for the non-military hope.
In effect, you have partially made my point: The DARPA program is for healthy people, say, super healthy airplane fighter pilots, each with a $100+ million office. As I noted, for them, they already have eyes, ears, .... And, I didn't mention but obvious, the mammalian visual system, and there fighter pilots are especially good, is deep into the brain and its design so that we can anticipate that nothing just external can hope to compete. Same for hearing. Much the same for speech. But, again, that holds for super healthy fighter pilots. For people without sight, hearing, etc. as you mentioned, the potential is much easier to believe in and much easier to justify whatever the chances.
I don't always laugh at DARPA: (1) They played a constructive role in making TCP/IP real, and now that it has gone commercial, with the rest of the technology of the Internet, it is one of the bigger steps up in civilization. (2) They pushed self-driving vehicles. My view is that for current traffic on current US public roads, self-driving, i.e., without a human right there, is hopeless for a very long time. BUT!!! What DARPA did might actually be good enough for 1000 army trucks charging across a road in a desert in Saudi Arabia as in Gulf War I.