It's nothing to do with morals. It's a simple question of efficiency, waste and logic. Even for meat/cheese: A single 200 gramme hunk of cheese likely needed at least tens of pints of water to be made (hydrating the cows and irrigating their feed), took tens of square meters of land (the land needed to grow the feed for the cow to eat for its entire life), caused gallons of methane to be pumped into the atmo, and needed hundreds of miles of transportation, packaging, energy for keeping them cool, etc. The exact same goes for meat. The same does not go for vegetables or legumes etc, which you can get locally in any city and even grow yourself. A vegetable-based diet has a tiny and infinitely more ethical footprint.
You have to think like: for every bite I have of meat/dairy, how many resources have been pumped into, potentially wasted, and chucked into the atmosphere to create this one bite? Yeah it's fucking delicious, but it's not sustainable at all. It's the least efficient thing to eat. I wish I could eat pork all day. I fucking wish. It's delicious. But it's the wrong thing to do. And today, other alternatives are almost as good.
To answer your question directly: yeah, if we could efficiently grow the tissue 1:1 as it occurs in the animal, it would be absolutely fine. I'd be all over it. It would be efficient and ethical.
You know we almost have that now, right? Can't wait for the synthesised-meat future.