The Connie is a good ship and the two under contract will be fine vessels when they're commissioned. Frigates are no longer "cheap" ships, and the sticker shock was higher than expected despite the obvious changes that were going to be made to the FREMM design. But it's cancellation has more to do with dysfunction at the top of the Navy (and DoD) then the program of record.
Also, you're overestimating the flight hour costs of the F-35. Even the B model doesn't hit $50k. The other variants are closer to $35k/hour (adjusted for inflation) than $50K.