This is true, but I think the U.S.' education spending doesn't just go towards academics but extracurricular activities (sports, the arts, dances/events, facilities + infrastructure) to an extent further than that of other countries.
Dances/events are usually funded by fundraisers. Although an exorbitant amount of money is spent on sports, they also have a lot of funding from booster clubs and fundraisers.
Schools do get stuck paying for extra sports staff, and sports facilities. Sometimes a wealthy donor will spring for a giant football field. That actually sets a bad precedent, because then neighboring towns feel they need to spend more on their sports facilities.
Arts and music programs receive almost no money from any source and are cut every year.