> with diminishing returns
Let's see. From the start of Space Age, October 4th, 1957, to the peak of NASA funding in 1966 - almost 9 years. To the last Apollo flight to the Moon in 1972 - a bit over 15 years. Advancements: unmanned space flight, manned LEO flight, manned flight to the Moon and back (overall manned flights ~43, https://en.wikipedia.org/wiki/List_of_human_spaceflights ).
From the Apollo Soyuz Test Project in 1975 to today in 2019 - 44 years. 3 times as much. Advancements: expanded unmanned space flight, permanent manned LEO outpost, reuseable vehicles (Gemini, STS, TKS, EB, X-37), commercial space flight, international space cooperation (overall manned flights ~270).
Per dollar modern space flights are quite competitive with 1970-s. Manned spaceflight is also safer than it used to be. Per unit of time... Mars flights are quite more robust, but Venus is kinda forgotten. Outer Solar system objects are visited more frequently... Russia retracted from unmanned spaceflight... India, China, Europe are growing...
I don't think funding is the only criteria here. In some aspects Apollo project catapulted humanity to the higher frontiers which are hard to keep, but some other indicators point to steady progress everywhere with way more sustainable longer term approach.