The application of a balancing shaft (or not) is not something I'd classify as something development depends on but that could be a difference in opinion.
Of course we're at least halfway over the s curve for development of the ICE. And while electric is waiting for a breakthrough in energy storage I still believe there's a lot to be gained with ICE as well. Besides, the emotion and feeling of an ICE can be emulated but not replaced. F1 is of course about innovation but most of all "just" a sport and for fun. You don't see football (soccer?) be about innovation. Or basketball for that matter.
We all ARE fucked unless we accept Jesus and his sacrifice