I think you might be a little harsh and whilst we might not have had the largest Navy, during the fast fixed wing jet era our Fleet Air Arm was probably the best in the World with carriers that had cutting edge technology that the USA copied.
We could certainly launch aircraft quicker than our NATO ally and our landing technology set the standard for carrier borne operations but yes we operated on a shoe string and worked those ships but as you say, was it ever any different.
I am NOT saying we should have carriers but I am saying if we have them then we should do the job properly and man them with our very best fast jet pilots and who cares what we call the service that mans those ships. The best ships with the best pilots operating the most suitable aircraft and note I am NOT suggesting the most expensive aircraft
Boffin is the expert and cost wise I cannot help but wonder how big a saving there would be if we had never bothered with the F35 but gone with the F18 stable and once this latest aircraft had proved itself, then and only then we could have considered our options. The carrier will always be upgradeable to take the latest offering but with STOVL we have reached the end of the road and this aircraft will allegedly be the last of its kind?? (will it)