Perhaps. But I can also see someone wanting to use their money to fund space exploration because it is more exciting.
As an aside, I strongly suspect that to solve the problems you think are more worthy, it isn't money that is the problem, but rather social, structural, cultural, and other issues mostly.
Trying to do billionaire space shit while there is extreme poverty is a dangerous game imo; but I guess flaunting their wealth hasn't had any consequences so far.