While the characteristics of the webs very slightly lean more towards being spider webs than fungus, it would be injudicious to definitively say so without further investigation. There are several threads on here showing the exact same webs with everyone posting unanimously that it's the early stages of a fungal disease. There are also threads on here showing photos of identical webs with everyone stating that it is spider webs, without asking any questions. One member always says spider webs without asking any questions. That person is wrong about it more often than not proven by follow-up posts showing the fungal damage that shortly ensued.
That amount of spider webs do not show up in one night, it just doesn't happen. Typically, you will start to see one or two in the morning (sign that it's time for another bifen app) and then the numbers start growing every morning thereafter.
The hole that is pointed out in this web is not a hole from a spider.
With webs like that, if it's spiders, you will be able to see them, especially with the sheer number you have. They are fast and you will have to approach slowly to see one.
If it's spiders, one app of bifen liquid and those webs will be completely gone by the next morning or two.
Another morning has come and gone since your fungicide app, what are your results?