Absolutely!
And I am sure with them, per their own admission, using every cent of their previous budget is going to go a long way with the network/production, even in the budget reduction. From my experience (in a non-entertainment business, mind you), the less budget you use, the more that gets taken away the next time it comes around. So, them using their budget, I am sure, helped them out.
And all of these make more sense than anything else that's been spewed as "reasons" elsewhere. But people will do what they do. And, like you said, if there were budgetary issues, etc., they would have course-corrected a while ago, and we would have likely heard about it. And the same would go with casting decisions, etc., despite what [many] think, as well.