This is a generalization but I believe is pretty accurate. PF Chapters are able to keep and spend all $$ locally that they raise locally (think banquets etc.). They choose their own leadership and also choose where these dollars go. Often times that is to private land habitat projects but many chapters do support youth hunting initiatives, public land acquisition and even do maintenance on public land parcels. I have not joined a local PF Chapter because as a fully committed freelancer I would want all dollars raised going to public access, public land acquisition/maintenance and hunter recruitment. The Chapters are all still very important and have created & improved countless acres of habitat which is and has been important to "macro" level habitat efforts. The vast majority of the pheasant range falls on private land and without habitat on private land pheasant (and other farmland wildlife) numbers would suffer greatly and probably fall to critical mass levels.
Again a generalization but I believe pretty accurate. The membership dues one pays to PF do not go to the chapters but to the national office. The national office supports important conservation lobby efforts in Washington DC and at the state level, manages programs to provide habitat & farm bill biologists (very important given how few $$ states now spend on small game), supports youth hunting & hunter recruitment, supports public land access and acquisition etc. These dollars are IMO dollars well spent and not at all wasted on a "scam". See below for how PF is viewed as a charity. They are usually one of the highest rated conservation charities out there scoring better than larger and more established organizations like DU, Delta Waterfowl etc.
https://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=4319
As for PF not supporting public hunting and public land acquisition this is also not true. They do a great deal of work here and are really effective at organizing and leveraging matching $$$ from the states, Feds and other conservation organizations with PF $$$ to help overcome the high cost of land purchase. PF efforts here are most evident in states like MN, IA & IL where membership participation is highest and there is a larger interest in permanent public land acquisition from hunters
https://www.pheasantsforever.org/Habitat/Build-a-Wildlife-Area.aspx
Before someone hits the easy button on this discussion/argument I don't work for PF and the info above is well known or took all of two minutes to look up on google.
If pheasants and public land pheasant hunting is important to you I don't think one can go wrong with investing in a PF membership and tossing whatever $$ you can spare at a Build a Wildlife effort in your state.
If you can find a local chapter whose values align with your values that is great way to go as well.