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What Russia needs is a reality check. They need to stop trying to play the role of empire and temper their military ambitions to their actual resources. Then they would be doing more than fine. But it would also be foolish for anyone to assume that the Russian navy has no bite left.
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The view is that should we do it, we would loose the "empire" and get reduced to a small failed state in Europe. Hence having strong armed forces, capable of projecting power beyound our border is viewed as matter of physical survival.
However, in a way I do agree, we should prioritise some things over others and that is what we are doing in reality (ie we were not actually trying to build major surface combatants such as cruisers and carriers), even though rhetoric is going about all the nuclear powered cruisers and carriers.