given the current funding situation, should i still apply?

i've been trying the past 2 years to apply to biological science PhD programs, neuroscience specifically, in the US. these programs live and die by NIH funding. i've heard that the NIH payline has been reduced to 4%, which is a 60% drop from where we were, funding wise, in the US. are there even going to be programs, and if there are still programs, are they going to be so small that they get even more competitive than they have been in years past? applying isn't exactly cheap, and i don't want to spend another $1500 applying for a bunch of programs and getting nowhere because the programs get cut in February after i've already applied and the remaining programs become so much smaller and even more competitive, so most people, even well qualified people, don't have much of a shot. idk, what do you guys think? is it still worth applying this cycle?