It looks like this would connect up I-74 from Rockingham to I-95. Maybe they think that's more important than connecting up around Rockingham. Besides, then they'd have to explain where I-73 goes.
Yeah you are correct, it will still leave a gap because the main part of Rockingham Bypass (I-73/I-74 from US 220 to US 74 west of town) isn't going to be constructed until 2026. The section that is being funded is the section of US 74 between Rockingham and Laurinburg.
It might be possible that with the progress of the Shelby bypass and the tolled Monroe bypass, as well as the notion of continuing an Interstate-grade freeway into Wilmington itself, NCDOT may be re-examining the idea of a full US 74-based cross-state corridor, even if it would carry multiple Interstate designations. If this is indeed the case, the Rockingham-Laurinburg section would be subject to prioritization over the N-S section of the Rockingham bypass simply because it's an intrinsic part of
that corridor concept apart from the I-73/74 ongoing project. Besides, the Rockingham bypass project is twofold -- the "missing link" parallel to US 220, and the rebuilding of the original US 74 freeway facility; if a high-speed interchange to a westerly US 74 upgrade is added to the mix for the sake of the aforementioned E-W corridor, that might push the project back until additional funds are available. It's NC, so anything's possible!