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Basically, yes.will the saudis gain that much goodwill from turning the falcons into a tigers/northampton? Doesn't seem like a worthwhile investment even from a sports washing point of view.
They can come in, and for the sake of less money than they lose down the back of the sofa, they could save a previously great club from potential bankruptcy, in a climate where 3 previous clubs have gone to the wall.
And even without knowing if it's a minor sponsorship deal or full ownership - it's already working, as shown by places like the Falcons' sportsnetwork site, where people seem not to know what "sportswashing" even means, and are highly defensive of the investment, and seeing the Saudi's in a kinder light than they ought.