The OP's interpretation is an inaccurate summary of the philosophy. But it is an excellent summary of the trap that people who try to follow EA can easily fall into. Any attempt to rationally evaluate charity work, can instead wind up rationalizing what they want to do. Settling for the convenient and self-aggrandizing "analysis", rather than a rigorous one.

An even worse trap is to prioritize a future utopia. Utopian ideals are dangerous. They push people towards "the ends justify the means". If the ends are infinitely good, there is no bound on how bad the "justified means" can be.

But history shows that imagined utopias seldom materialize. By contrast the damage from the attempted means is all too real. That's why all of the worst tragedies of the 20th century started with someone who was trying to create a utopia.

EA circles have shown an alarming receptiveness to shysters who are trying to paint a picture of utopia. For example look at how influential someone like Samuel Bankman-Fried was able to be, before his fraud imploded.