I'm inclined to agree with this take. And to add to it, I think accusing zoos and aquariums of not spending enough on conservation, because they spend so much more on operations and construction is pretty unfair, because obviously the author hasn't actually considered the fact that zoos and aquariums are incredibly expensive to run.

At least in my country, most zoos are charities, not companies: they're not run to make profit. They're not cash cows for greedy shareholders. So the money they make from visitors and donations, unsurprisingly is mostly spent on those annoying "luxuries" like feeding the animals, paying the staff, maintaining the enclosures, etc, and where funds allow it, improving the enclosures. My local zoo almost always has some kind of construction work going on as they retire old enclosures that are now not considered sufficient for the animals within, and build new ones that are more suitable, either for that species or a different one.

The zoos that are legally companies rather than charities (due to regulatory laws) are small zoos that predominantly house exotic pets that other people could no longer take care of. These are animals that were either captive bred or taken from the wild at a young age, which often have complex health or behavioural needs: they cannot be returned to the wild or used in breeding programs, they just need somewhere to live where they'll be looked after. These kind of zoos are often run by 2-3 people, who spend the "profits" of their zoo on luxuries like food and shelter for themselves.

Personally, I'm fine with the fact that zoos and aquariums spend the bulk of their money on looking after the animals in their care. I can't see how zoos neglecting their animals in order to spend more money on direct conservation would be morally justifiable. If only 5% is being spent on conservation elsewhere because 5% is all that was left over after the rest went on making sure their animals are happy and healthy, I don't have a problem with that. Especially when happy, healthy animals in captivity are so vital to breeding programs.