You are right about funding levels, even taking inflation into account. Some of the infrastructure, like Connection Machines and Butterfly Machines seemed really expensive at the time though.
They only seem expensive because they're not expected to generate a lot of value (or military/strategic benefit).
Compare that the 6+ trillions that were spent in the US alone on nuclear weapons, and then consider, what is of greater strategic importance: ASI or nukes?
But compared to the 100s of billions (possibly trillions, globally) that is currently being plowed into AI, that's peanuts.
I think the closest recent analogy to the current spending on AI, was the nuclear arms race during the cold war.
If China is able to field ASI before the US even have full AGI, nukes may not matter much.