Yes and no. What we need is better problem identification and more appropriate priorities.
For example, we don't need "better crops." We need to stop wasting so much of that we do have. Less waste means less wasted resources.
For example, less wasted food also means less chemicals and pesticides, which likely means less disease and medical issues.
If we solved for root problem (i.e., apply The Five Whys) we'd waste less time and resources solving for symptoms.
As for the supply of innovation being limit. IDK, I've heard that scarcity breeds innovation. So perhaps we are innovating, but in the wrong places, at the wrong time, for the wrong reasons.