I'd rather be middle class in a developed country now than any king 200 years ago. No amount of wealth could have gotten me modern medicine, especially anesthesia(!). Even stuff that's now trivial like pretty fresh tropical fruit or good food from other countries in general would have been very hard to come by. I have way more knowledge and entertainment at my finger tips than any medieval king could have ever dreamed of.
To each his own. But look at all the wonderful things that medieval kings commissioned to keep themselves occupied. Art, music, cathedrals, palaces, sports, plays, libraries, etc. The impact of a (generous) medieval king in terms of things others could eventually enjoy far outpaces this age's netflix consumption.
That the same Henry VIII who shut down all the monasteries, which for most of the population were the only source of anything resembling medical and social care? Karma's a bitch.
IMO it's an interesting topic if the kings were in fact "generous" when they commissioned these things. I think there is an argument that these investments were mostly for their own legacy and that the resources could have been spent more efficiently to raise everyone's standard of living or reduce poverty. IMO just spending every cent possible on research to get non-terrible medicine would be far and away the highest priority. But of course I only say that because I know from today's perspective what is possible.