You're absolutely right, my dude. People can do whatever they want with their money, that is most definitely their right, and I am fully aware of how long it takes to render frames and the back and forth that go into it. I dicked around in AutoCAD MAYA for several months for shits and gigs just to get a general idea of how much work goes into such things and developed a great deal of respect for people like you in the industry.
That, however, does not make it ethical for people to take that money and not deliver what they promised for said money (and to reply to another poster, it is dead obvious that 12+ hour a day figure they threw out is a lie, and if there's one lie, I guarantee you'll find more). It doesn't matter whether or not Patreon penalizes the creators when they don't meet their fans' expectations; it is morally and ethically WRONG to accept finances and not fulfill that obligation. Patreon, Kickstarter, and Go Fund Me were all great ideas in theory, but they all suffer from the same fatal flaw: the human element, namely the willingness of certain members of society to take advantage of certain other members of society for personal gain.
I don't donate regularly to any Patreon because I believe in paying for work done, not work promised due to the industry I am a part of. I too regularly and intently follow the update cycles of several projects and throw cash at them here and there for particularly good updates. The spirit of that ideal is why F95 is a thing in the first place: play before you pay (and we're all aware there's members on here that never contribute a single buck and still bitch and moan like they're owed free work for nothing, and that's wrong, but the inverse of that is just as wrong). It protects the consumers.
At the end of the day, this is just a silly porn game. Far more important things for folks to get the pitchforks out over, and these guys' bullshit doesn't really effect any of us in a real way except maybe some folks losing $10 here and there. But if the idea of some sadsack sitting in front of computer doing fuck all every day all day and making shit tons of money off the kindness of misguided strangers doesn't upset you at least a little, then it should.
EDIT: And I would also like to add that everyone, regardless of income, deserves a good work/life balance no matter what they're doing. I don't expect anyone, even people making $120,000 a year, to sit 12+ hours a day, 7 days a week in front of ANYTHING. It kills the mind and body. Some weeks you work 20 hours, others you work 60+, but that is the key: you consistently WORK. And I think it's obvious this project is anything other than consistent.