Telescopes are related to spy satellites, something that will remain in high demand. The telescopes provide a good cover story for international press.
Wasn't the Hubble telescope a spare from the surveillance satellite program that they basically just turned towards space?
The type of telescopes you would use to look at the earth from space are not at all the same as the types of telescopes you would use to look back into deep time. I think the two use cases would compete for funding rather than complement each other.
Maybe there is some technological overlap in the optical telescope space, but that is only a subset of the types of telescopes that you would use to study what the universe looked like when the first stars were forming.