For me it's 20% the deep dive you mention (which I would do anyway if I didn't have to write grants) and 80% figuring out how to pitch it, optimizing the text,

For me it's 20% the deep dive you mention (which I would do anyway if I didn't have to write grants) and 80% figuring out how to pitch it, optimizing the text, cutting/expanding sections, and writing useless formulaic sections (Gantt chart, data management plan, gender dimension section, and so on). So mostly a waste of time, but I guess YMMV. Fortunately the interesting part is where LLMs don't help (at least for now) and the pointless parts are where they help immensely.