Have you ever been to Ohio State facilities—the Schott or the Shoe? The latter is very underwhelming considering how many national championships Ohio State football has won. The stadium still has cart-style concessions that aren't built into the concourse, troughs in the restrooms, and parts of the foundation are actually crumbling. You could make a similar argument that Columbus deserves a stadium on par with the rest of the B1G. I actually think our stadium is nicer.
I see your point about unclaimed funds, but UA is already a state school and already receives support from the state. The Browns main argument is that the new stadium has a dome and will generate a lot of economic activity for Northeast Ohio by hosting year-round events—WrestleManias, Final Fours, and whatever else. I don't think a new arena in Akron would generate anything comparable to what they expect from Cleveland.