I definitely get the sentiment. However, as long as we are handing out foreign aid like candy, I'd consider Israel a much better investment than most places we dump our cash. I also think we get back a lot of info from the Israelis as to the effectiveness and potential upgrades to our military equipment. If we cut off funding to the rest of the world, there would be no problem with treating Israel in the same manner.
Sometimes, too, military aid is a designed tool to keep selected countries on our side as allies. Turkey is an example where allegiances can be bought based on weapons sales and giveaways. All things considered, I'd give a big thumbs up to our current agreement with the Aussies ... even if it didn't snub the French in the process. I'd love to know if the sub deal was already in the works when Trump left office