I don't think it's ever a waste of time to track expenditure and remove unnecessary or duplicative costs, as long as there's a clear understanding of why that expenditure is there in the first place.
But this is just performative. They already know what they want to find imo (including DEI costs, immigration-related costs, and so on) - I don't for one moment believe they will be doing a true analysis of value for money across contracted suppliers and service providers.
And when they find they can't get all the info they want, probably for good reason, they'll cry foul play.