If Germany invested at least some of that money into developing armored vehicles could they have a functioning tank by 1914?
How many infantry formations could be raised?
They outright rejected a very promising tank design in 1911 and their armored car development had failed in the leadup to otl WW1 at least with two different models. The German armies did not yet see motorisation as mature enough technology to be useful in combat. They invested more in trucks for logistics though. That was somewhat limited by the fact that Germany had far less access to oil than two decades later.
More likely fields of investments are artillery (were Germany already was leading in certain regards) and after the RJW machine guns. Germany was still expanding the Machine Gun Corps by 1914 and otl had older variants of the Maxim in peace time service it had not yet replaced with the MG08, not to mention being below target even for their pre-war intended strength. Then there is a limited amount of investment in powered flight culminating in forming IdFlieg in 1913.
That said I am not sure how much of the money saved on the Fleet would actually end up in the armies. The navy was financed after a certain point by expanding the imperial budget, including the introduction of taxes for that specific role. So we´d speak of a smaller overall budget which still will finance at least some naval expansion. And not everything else will go to the army.
The problem with increasing the size of the army is that there was some oppositon to that from all sides. Many social democrats of course were not supportive of it, The old officer corps was fighting a rearguard action against dilluting the officers corps with unsuitable new officers. By and large they were loosing except for certain regiments, so that is not an unsurmountable problem. More important is the opposition against drafting increasing numbers of the urban lower classes, both because the army viewed their suitability as lower than rural recruits and because conservative elements doubted the political reliability of said recruits. Despite the opposition the German army in the 15 years before the war already had expanded by 200 000 men to almost 800 000. A further expansion than otl certainly is possible, but with even more debates than otl. And there is a limit how much can be added under peace time conditions, especially if without a naval arms race overall tensions are lower.