We liked Turtle Bay Lodge on Santo a lot, you can do diving (we din't), SUP, kayaking to the blue holes.
If you like a bit more adventure, you can also take a trip to Tanna Island to go on an active volcano. We made a trip from Port Vila with Air Taxi Vanuatu and stayed the night in Rockwater Resort.
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Vanuatu has unfortunately suffered from poor air connections in the past which has contributed to a pretty distinct lack of re-investment in some of its tourism infrastructure.
Eratap is not cheap but IMO worth it for what you get which is a really well run and maintained small resort with really good food on a beautiful part of the coast. You will see much cheaper properties but you pay for what you get in Vanuatu. If you think you are landing on somewhere else reach out and get some thoughts on it.
Another option is the Havannah of a similar price point
Places to visit on Efate
Blue Lagoon - take a pool noodle from your accomodation
Vanuatu jungle zip line and Mele Cascades
Half day in Port Villa is probably max that you need do.
Iririki Island - we have stayed there 3 times - just perfect - you take the little punt over to Port Vila - so much fun - and island accommodation is fantastic with water views
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