Afaik only 150b of that is actual new, the rest is just relabled national funding already previously committed. The EU likes to pretend they are doing something big, when in reality its the individual states doing it mostly.
As for not being able to change anything at EU level… that is of course by design so that the national governments can retain control. Very little is actually decided on EU level, most of it is backdoor deals of changing groups of national governments.
Most of human history…hmm checks notes… since the invention of capitalism about 400 years ago, yes.
Even serfs under feudal lords had significantly more free time and while basic child labor was common, it was mostly in family run farms.