In my area (AI), if anything I think the older people in funding bodies are more open to funding a large variety of work, because they've seen multiple cycles of hot techniques coming and going, and lots of eggs being put in a handful of baskets, so tend to think there's value in funding even long-shot and currently-not-hot areas in case something comes out of them long term. Younger people involved in these kinds of funding bodies are much more likely to be the ones pushing for funding to be highly concentrated in a handful of currently hot areas that have clear paths to near-term significant advances, the "we should put 100% of our funding into deep neural networks" type of strategy.