Excellent points about the general question of why physics is important and should be funded.
Even in areas in which it is difficult to argue for the application and usefulness to the public, we can bring out the argument that it is difficult know the future applications of such knowledge. The history of physics is littered with many such examples, including quantum mechanics. The early development of quantum mechanics had almost no emphasis on the usefulness and application. If we only want to fund work that had such clear utility, then we would have missed out on the development of quantum mechanics.
This, in particular, given the recent (and incredibly myopic) push to limit research funding to areas with commercial or national security applications.
An especially fine diamond mine, kimberlite or lamproite, recovers gem 5 carats/tonne, one part-per-million wt-wt. Wouldn’t it make more sense to diamond mine in limestone, removing all risk?