I think rather than comparing RAF capability with yesteryear, surely you need to compare capability relative to a potential enemy against time.
Are we safer now than before?
We certainly have been worse - 1940 and the cold war for example.
Its very difficult to imagine a scenario where UK air defence could be challenged.
And how different is our ability to project airpower from 10 years ago?
But having said that I think we get very little for our defence spend. We spend more than France and (I understand) we have less than half the fast jets in service.
Also they have a (functioning) carrier with aircraft that they don't share with the airforce - how does that work?
Train crashes in slow motion are a bit more painful to watch.
I think our carriers and F-35B purchase is an albatross around our financial neck - not just the (lack of) capability they will offer but the drain on resources from the services will hurt.