Things can always be done for less money. I don't need to know all the budgeting factors.
I can speak with certainty because... other, somewhat similar shows, can and have been made for less. It can't be a "have your cake and eat it too" scenario, to make it less expensive... cuts have to be made. The current producers seem to not think those cuts would be worth it.
Personally, I don't think the shows need quite the production value they have currently. I think they can use some old tricks... use more stock footage for the ship. You can use the same exterior flyby more often, it's ok. Use less expensive locations/set dressing. I don't think it would kill any us to have some more planets that look like... the forests of Ontario, Canada.
It's great that these shows do have such an incredible production value, but I do think we could be better served by bit of a drop in overall quality for a bit more quantity. There should definitely be 100% more boy bands on the show, though. Producers dropped the ball there. Maybe SFA will finally right that wrong.