You're absolutely right.I think you make an interesting point here, but it strikes at a more general problem.
Think about the public conversation and general culture around the NHS in recent years. You simply aren't allowed to criticise it. Much more than that, it seems that even failing to treat it with anything much below a religious-style zeal will get you quickly ostracised from the conversation. Look at the trend for Conservatives MP's wearing NHS pin badges. Like it or not this background environment and culture (driven very largely by the media) has a massive impact on the way politicians act.
It is really any wonder, when you consider the general background in which they operate that the Government might have (mistakenly?) over-prioritised the protection of the NHS? If indeed it does turn out to be a mistake, criticising them for it would be rich in my opinion. They'd have been slaughtered had they done any other.
We simply don't allow our politicians to make these kinds of decisions any more.
I suspect most people who say we have to protect the NHS actually want us to protect free at the point of use healthcare. Does anybody really care who the ultimate owner of their GP surgery is? Or the hospital that they get rushed to when unwell? People just want good quality healthcare and they don't want to have to pay per use of it. That's not even remotely the same as having a huge monolithic drain on taxpayers with little to no incentive for savings.
The language used by politicians regarding the NHS doesn't help either. How many times have you heard a politician describe hiring more nurses as "investing in the NHS?" That's not investing - that's the polar opposite of investing. It's tying our taxpayers into more spending in perpetuity.
Other countries have shown that healthcare can be both good and "free" without requiring an NHS or anything like it.