The agency received $1 billion for fiscal year 2022.

ARPA-H's stated mission is  to"accelerate better health outcomes for everyone by supporting the development of high-impact solutions to society's most challenging health problems."  So, the federal government is tossing another billion into the black hole that is the American health care system.  Okay.

We're already spending a fortune on healthcare.
Let's think about this for a minute.  The U.S. already spends far more per capita than any other nation in the world.  We spend an average of $11,495 per person, per year.  Most other First World countries hover between $5000 and $6000.  (source)

Health care in the U.S. represented 17.7% of the economy as of 2018, and has been projected to increase to 19.7% in 2028.  That means that more than 1 in 6 dollars spent in the U.S. is being spent on healthcare.

So, is this paying off?  Are Americans the healthiest people in the world?

No.  We're sick and have been getting sicker.  Our life expectancy dropped again last year, to 76.4 years, which is the lowest since the 1990s.  Meanwhile people in dozens of other countries can expect to live into their 80s on average, American life expectancy just continues to drop. I don't think we're getting what we pay for.