This is exactly it. I would add one thing: because it was founded by Kennedy in the 60s, getting rid of it is another death knell to
New Frontier-style governance (big, strategic investments at home and abroad). We had AID for the same reason we had the space program -- idealism mixed with manifest destiny. That mellowed a bit under Nixon etc. and then under Bush I it really became more "new world order" post-Cold War.
Killing AID is a repudiation of how we've been doing things for the past 50 years and going back to something more like Coolidge did in the 1920s, which was awesome as long as you didn't mind the Great Depression.
This is not a revolutionary statement but in my opinion polarization is behind a lot of this. The bureaucracy/"left" has no ability to say "yeah, we got carried away, but the thing you're recommending is deeply ahistorically retarded and perhaps we should not do it" and the tech bros/"right" have no ability to say "yeah, 3 years of experience with JavaScript is not sufficient knowledge to run the world's largest economy, maybe we should ask for help."
And of course, when things blow up (literally or metaphorically), none of those people will suffer. Everyone else will.