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The phrase "essentially make" is grammatically correct and can be used in formal written English
It is often used to indicate that something is the main or most important factor in achieving a certain result. Example: His hard work and determination essentially made him successful in his career.
Exact(51)
But federal subsidies essentially make up the difference.
That would essentially make Refinance.com's services available to all mortgage borrowers, not just current owners.
The two companies have made two separate deals that essentially make them partners.
But competitors realized they could essentially make copies of the machine using Intel chips and Microsoft software.
Madoff's victims wanted to invest their money in the (corrupt) stock market and essentially make money by doing nothing.
But it would essentially make the campaign revert to the status quo as it existed a few days ago.
Similar(7)
But "she is essentially making herself irrelevant.
But that statement essentially made it official.
She essentially makes money off others' hard work.
Some editors were essentially making up their own texts.
"I essentially made my hobby my life," he said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com