The latter, under any government type, don't have a great track record of massive government investment accelerating progress.
Proof of concept level grants, sure! But it doesn't seem to scale past that. IMHO, a free market is a better GTM-stage+ capital allocator.
Government can often be a failure-prone capital allocator, but it can also result in improved alignment when an entire industry with wide socioeconomic implications is about to be born.
But I'd still hazard the exception rather than the rule, globally.
The Chinese did much of the same with their tech sector especially Huawei if I remember correctly with gigantic tax breaks and cheap financing.
In this case, subsidies (and incentives) are 'governments throwing money at engineering problems'. The US does the same for SpaceX, EV manufacturers, and the entire military industrial complex – with the latter making tech controlled by the government