Disagree (partly because we have done it, at a very minor level)
They are all getting raped by the breweries for rent even in lockdown (only Admiral is the exception I read somewhere).
I don't pub as much as I did in younger days, but know that I would miss them if they weren't there. If a few quid from similar minded people helps them to keep their heads above water so that they are still there once the lurgy threats reduce - I think it is money well spent. If I thought that a pub was to fail and be replaced by more flats but that a few tenners from me and others could have saved it, I would be gutted
In the case of the Railway, which was given as an example, I was no great supporter of their relatively expensive beer and occasionally chaotic bar staff but.....
They are great for kid friendly afternoons, the food is passable, there was plenty of space for larger gatherings and I have had some wicked random music nights there.
They have put on an excellent virtual quiz during the shut-down: I think it morally correct to give a bit of money every time you join the quiz on facebook (you would have to pay if you did it in the pub). I've also taken a punt on tickets for their benefit weekended even though the date is fluid. In my view their reputation has been enhanced by their behaviour lately and more strength to their elbow.