I'm replying to the general concept that it's a lot of money for a campaign. It's really not. While it's a good amount from a specific person, this specific person has a lot of money.
The absolute amount is not meaningless because it has an effect in the real world.
It buys a certain amount of airtime, organizers' time, etc. Thiel said, "I'm not going to do X numbers of hours of work for you, but I'm going to donate them to your campaign."
That number of hours is staggeringly high, by the way: equivalent to 30+ years of full-time work by unskilled laborers.