I think you’re half right.
Economic growth through simply offering lower fiscal barriers to investment isn’t going to be sustainable, least of all when you’re trying to maintain a first-world standard of living. To attract economic growth, employing the American workforce has to have something to recommend it besides a low corporate tax rate, either in the sense of technical competence and education, better infrastructure, or permanent other incentives that can compete with the fact that no amount of corporate tax cuts are going to make employing American workers cheaper than Mexican, Chinese, or East Indian ones for the foreseeable future. Those incentives are created, or at least enhanced, by a level of public services which far surpass what is available to the average American right now, mostly as a result of the fiscal belt-tightening which has come with three decades of Republican tax cuts.
And that’s not getting into all the other stuff in this bill. While a tax exemption for private jet owners isn’t going to hit the government’s bottom line much, it is going to make a lot of people who don’t own private jets extremely angry, especially when they see their tax bills go up over the course of the next few years. Given the current crisis of legitimacy the US government seems to be having (as a steadily escalating issue over the past two decades or so), that is not a good thing.