I had started a reply, but then thought better of it. I'll try again. If you are wealthy, you can do anything you wish. However, if you must spend someone else's money, you should think of how you can appeal to their interests. If you are in an academic environment, you may have some money without strings. If you are seeking grants, they are very competitive. I can't say you wouldn't get funding for a biologically active compound, but I would be doubtful just saying a compound has biological activity would be sufficient. I think you may find the chemical literature will often show several groups working on a hot compound, because of the importance of the biological activity. I suggest that shows biological activity trumps chemistry.
I think you can get funding for chemistry, but this may be more difficult than in an earlier time. You nearly have to have proven your new chemistry works before you get it funded. If you are trying to fund chemistry or a new reaction, there isn't much to fall back on if the reaction fails. If the reason for the research is the chemistry, it's possible the reaction may never work. It is virtually the nature of organic synthesis, there will be a lot of failures to accompany success. There isn't a plan B and funding agencies know this as well. The practical aspect of this is that many principle investigators work on their next project with the funding from their current project. It improves their track record.
Back to the question, I liked working in industry. I liked the idea that I was trying to synthesize something people would pay cold hard cash to get. I preferred working on a hot project, as that probably means it was considered more likely to be commercialized. I also liked that funding was easy and our equipment was good.