Military funding and capability usually is correlated with a country's economy, population, geography, as well as unique circumstances such as geopolitical position and relations.
I think a bigger trend which many of these so called analysts are missing is that when the PLA's modernization is finally complete and commensurate with the PRC's economy, population, and geography, it will be many times larger and more capable than the ROC military through sheer scale. The scope and depth of capabilities that a fully modernized PLA will yield is something that the ROC military will find immensely difficult to compete with (putting it lightly), without substantially increasing its military funding as a proportion of GDP.
Of course, what ROC does have going for it is that the PLA won't be able to deploy all of its aircraft and ships to a single location during a Taiwan contingency as the PLA has more missions to perform as well, in each of its borders and seas (in the same way that the US can't deploy all of its naval forces and air forces to the western pacific in a westpac contingency due to its string of global commitments).
However I also think it won't be too many years until PLA air forces and naval forces in relative proximity (*) to ROC and will have a clear margin of superiority versus even the entire ROC military on a capability and/or tonnage basis.
(* Oh let's say, elements of SSF and ESF in terms of naval assets, and Guangzhou and Nanjing MRs as primary air force, 2nd artillery and logistics contributors along with some limited redeployment of elements from other MRs in support roles, with primary command from Beijing of course)
