Yeah, I have been looking at algae for YEARS. I have some similar conclusions. You are correct that government subsidies in this that just get converted to greenwashing are not going to do anyone any good (no subsidies do, there is a huge conflict of interest when subsidies get involved in anything, even for whatever it is you think subsidies should pay for)

The genetic engineering to increase lipid production is very good news. But the best way to make algae more competitive is to stop subsidizing oil (see? conflict of interest). No "exploration" subsidies, no pipeline subsidies. Make oil companies pay fair market prices for land their pipelines cross and get every owners permission to cross it. Even roads, which allow oil burning vehicles to move in the first place, help to strengthen the position of oil.

Only when there is an actual level playing field can we truly assess whether or not algae makes sense. Until then, the economics of algae vs oil will always be a Gordian knot, just waiting to be severed in two.