The short history of physics in TFA is spot on: Einstein and the quantum pioneers added abstractions to build physical theories with prediction power, whereas current high-energy physics theory seems to be mostly a mathematical exercise. This has been confirmed by numerous insiders, including by Hossenfelder as mentioned in the article, and Lee Smolin ("The trouble with physics") who is also a theoretical physicist.
Things have changed a lot since accelerators became a must-have for high-energy physics: Today we have detectors and computing power that let us observe the natural experiment of the universe with a precision and diligence that would be impossible when LHC was commissioned. I find it much more likely that we would learn new physics by giving 10-year grants to 1000 young physicist of revolutionary spirit, and let them use the tools they could build themselves, than by handing that money to the old guard which has produced nothing of significance for the last two generations.
[1]: The industrial subsidy angle is not touched upon in TFA, but it is clear that there is a large number of people and companies making a good living from mega-physics, and talking to colleagues in the field, I get the distinct impression that it is not always they physicist walking in the front when asking for more machines.