Hello,
First, a disclaimer that these comments aren't directed personally at you, Essie.
Even if money was unlimited, I thought that Snøhetta deserved the community's trust, and I felt that WMF was a good steward of resources (all of which are questionable), I don't think that this project is a good idea. Wikidata is an increasingly important component of the Wikiverse, and there are a some problems with WMF rebranding itself as the Wikipedia Foundation including the risk to the communities and affiliates from WMF's political adventures, governance problems, and occasional high profile clashes with the community. I don't think that the costs or the risks here make sense, I wouldn't involve Snøhetta given its apparent block evasion on English Wikipedia, and I've been unimpressed with WMF's handling of this process during the past few months.
I am fine with discussions about branding, but not with this program in its current form.
Given the choice, I would freeze this project and spending associated with it pending a Meta RfC regarding the community's view on whether this project should continue. If the community wants a branding project to continue, I would let the community decide on the project's parameters and budget, and what if any consultant should be involved.