Not exactly about efficiency, but in terms of impact I suspect that individual small donors would have more of an impact through directly funding small projects that larger funders such as EA funds can't or wont fund due to reasons such as the lack of capacity to evaluate them.
More reading on this here.
https://forum.effectivealtruism.org/posts/oHcRQsiDM9D76aENu/a-red-team-against-the-impact-of-small-donations
EA Funds rejected my grant application for a small exploratory community building grant, and did not leave any actual feedback beyond a generic rejection. On top of that, in the same email they leave a link asking for feedback "How did we do? We would really appreciate your feedback on your experience applying for a grant. It takes just a minute and helps us improve." Lol. I wish they could have taken a minute and given me feedback. It sure would help me improve!
After having done community building for almost a year as a volunteer this feels really frustrating and extremely demotivating.
It lowered my opinion of him in terms of character. Not sure by how much but it definitely didn't raise it for me.