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I don't agree that funding should be distributed on a 'how can we farm the most medals' basis. I think investment in sports that bring the highest well-being and are somewhat sustainable and let the old-fashioned war or class based ones fade.
Obviously any that promote a club atmosphere with a good support network in places that need it most are well worth investing in.
Number of clubs, participants, medals on offer. Boxing is not just getting punched in the head. It should be an accessible sport but once you start doing competitions it gets expensive quickly. Purely from that perspective you could draw that conclusion. If high medal count is the game then Fencing is another one I’d fund better, invest in the ones where you can gain the most and the medals will eventually follow.