Hi @camelCase sorry to hear you've been ripped off before :( so many scammers out there.
My experience of the CFG degree was that it was really worthwhile and did allow me to transition into tech, which I am enjoying now.
It is a genuine free opportunity, I think the catch is that it can feel a little disorganised at times, and the instructors are not professional teachers, but people working in tech who are teaching in their spare time. So, it can feel a little scrappier than a professional bootcamp probably would be, but I think you get out what you put in - it does cover a good range of material and provides a useful structure and I learned a lot.
They're not looking for people who are absolute beginners, you need to have seen/done a little bit of coding before, but only to the level of one of their free intro courses, so you could start with one of those before progressing to the degree. If you've passed the tech assessment you will be fine though, they do cover the languages used from scratch, but it moves quite fast, so if you get through I would spend a bit of time between now and then practicing basic Python/SQL or Javascript (depending on which strand you are doing.)
For the sponsoring companies, some of them are offering tangible jobs, others are just sponsoring places, and others will give you the opportunity to apply for a role on completion. It's worth looking carefully at what each company is offering - it is usually detailed on the application page, and can vary quite a lot. The working conditions will also depend on the role offered, but you should be able to see job descriptions and look on the company's Glassdoor page and Linkedin to get an idea of what it would be like.
If you do open apply and end up being sponsored by CFG instead of a company, you will get the benefit of the course but are less likely to be offered a role at the end of it, so you would then have to job-hunt under your own steam. That could be good if you want to keep your options open, but I think people I know who were CFG sponsored didn't find that they got much support at the end of it, so it's better to be linked with a company from the start if you you want progress into a tech role directly. If not, you can use what you've learned on the course to continue your career switch.
Good luck, and happy to answer any other questions :)