Brazil might have gained more from railways than dreadnoughts

Would Brazil have been better off spending dreadnought money on schools or infrastructure?

Railways could have helped Brazil greatly, while a cruiser-submarine force might have been enough if the country was unlikely to fight a major naval war.

Brazil bought dreadnoughts to counter Argentine and Chilean naval power. The counterfactual asks whether those ships were necessary if Brazil was unlikely to fight a major war. A smaller force built around cruisers and submarines might have met practical needs. Friendly relations with the Royal Navy could also have supported security while leaving more money for railways and national development.