Have homo sapiens only developed intelligence to the extent to which it was biologically economical given our circumstances? How is that measured?
Yes we have, because although we compete with other species we also compete with each other. The result is an cycle of escalation in intelligence which both gives rise to, and is enhanced by, artificial factors such as culture, technology, and the ability to tap into new energy resources (e.g. agriculture, fossil fuels).
I don't know exactly how it can be measured. Perhaps by looking at how many calories are required to sustain higher intellectual functioning in an organism vs the additional calories and reproductive success that higher intellectual functioning can deliver?