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Yeah that's my perspective also. As a fan all I care about is the teams I follow winning a lot. I don't care how much money the athletic deaprtment makes. But if making more money helps the winning, or if not making enough money impedes the ability of those teams from winning more, then yeah it would be more beneficial to be P5. In terms of the men's basketball team I think UConn can still win without being P5. We're in the middle of knowing if it's possible. Football is another story though.Yup.
The purpose of the athletic department is to (hopefully) connect your school's name with winning and excellence. It's a marketing tool, and a potentially powerful one.
The northeast P5 schools are happy to just be in the club, but looking at it in terms of prestige earned for the investment, it's not so clear cut.