It really depends. The last two years were a prime time for ed tech that was absolutely missed (outside of Canvas and zoom/teams). There was a TON of grant money and state/federal money that was used for new initiatives. I don't believe any company took advantage of that, and that's to their detriment.
For example; the institution I am working with right now just invested about $500k (on an 18.1mil annual institutional budget, for context) in two new software implementations with our existing vendor, with an ongoing 50k annually for almost zero support on the vendor's part. I did the leg work on finding the fit for that. As soon as the covid dollars were announced to education, ed tech companies should've been just absolutely all over their institutional contacts.
But, it does absolutely fit with what you said. Those new implementations were not 'new' but were new features within existing infrastructure.
It's less about no money for managing new things, but more about finding out how to make administration understand that the 'new' is really just focused on alleviating core issues. Again, from our most recent purchase - this is just a new wrapper on existing data. But, it can free up three full-time staff positions to either focus on recruitment and retention instead of processing, and/or it can allow for an entire department to shift focus and be MUCH more succinct with their processes. Either way, the cost savings was there within 5 years. But No one from the ed tech companies took the time to get to know anything at all about the institution.
Had I not been there consulting, they would've just kept moving on.
The opportunities (and massive paychecks for just a little work) are there, but they're not easy to find. I know 500k and 50k are not big dollar amounts, but that is a substantial portion of the institution's budget for one initiative - they just happen to be a small school. My experience with massive colleges and universities is in line with the small institution as well; there's just more bureaucracy at those places.