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Biden did not promise broad forgiveness on the campaign trail, he said he was open to it. He made no promise at all, much to the irritation of progressives. He stated that he agreed we should forgive 10k/person as suggested by several senators, but it wasn't a campaign promise.
What his admin did was 100% pushed for broad forgiveness anyway, in the only way possible. Since he couldn't get it with a new law due to the GOP in the house and senate, he used the executive power he was granted by an earlier law, but the GOP supreme court found a flimsy excuse to stop it. How is that Biden failing?
He did have the power to keep them deferred, but he had to give that up to prevent a ugly government shutdown. He made a concession, because in a divided government that is something you have to do to keep the government working. In basically every other regard he absolutely rolled McCarthy in that negotiation, preventing tons of fucked up thing the GOP wanted. It was a ugly choice, but the right one.