I couldn't leave some of your statements unchallenged like saying spending per student is twice as much per student in poorer districts. This article sums up several I read saying the Abbott Districts were never fully funded and that the some Black districts reached the same level od spending per student while mostly Latino and middle-class areas got left out. Christie tried to end the program (which was never fully funded). Murphy promised to fully fund it but never did (COVID-19 was the excuse). There may well be problems with the program but getting too much money never was it.

https://www.politico.com/news/2020/10/03/new-jersey-school-inequity-problems-425494