I used to think so.
But the space program would then have primary purpose of stopping this rock. I rather the primary purpose be exploration. Now, it would focus attention on exploring these types of space rocks- which didn't have much focus, say 10 ten year ago. But today there is a fair amount of interest in NEOs, and I am encouraged with the general direction that NASA is going. So it could and probably would be a major distraction. I guess, if the US miltary was solely charged with preventing this rock and all future impactor from hitting earth, that would be ok.
But in general terms, I don't think having a massively funded space program is the answer.