I agree, Turkish technology and Saudi funding will help us a lot, but both of those can be obtained without needing an agreement like this that makes us liable for military whenever Saudi attacks the Houthis or if Turkey ever gets into a war with Israel.
Whenever Pakistan has done something for the greater good in the name of islam such as having PAF pilots fighting in Arab air forces in the 1973 Arab israeli war, no one from the arab world has come to help us militarily, let alone support our stance on the Kashmir issue on the international stage.
My point is that Pakistan is ready to put everything on the line in the name of Islam yet we put in more than we get out of this, Pakistan has already received funding from Saudi and cooperation in technology projects with Turkey, which i don't deny the benefit of. Nonetheless, this agreement is a step in the right direction like you said, hopefully taking the initiative will inspire other Muslim countries to join