Its never really been about how much you spend but rather how you spend it, who you spend it on and when you spend in terms of timing. You can spend as we have a relatively large amount but if it has been spent on younger unproven players, punts if you will then that spend is quite speculative. Obviously, as with any speculative action the result you might get can vary significantly.
In essence £200m odd on say Isak and Ederson probably gets you better results in the short and medium turn than £200m on Odobert, Gray, Solanke, Bergvall, Yang and Danso. I don't think we can really claim to have closed the gap when the calibre of player we are still bringing is significantly lower or less experienced and that spend is spread across a number of players.
Now i'm not against the speculative transfer work, i've advocated for it for decades at this point but i'm also not naive to the realities of working this way. There has to be a willingness to also let go and move players on who have some value whilst you are able to extract the maximum for them. Ie. the likes of Johnson, Richy, Maddison etc. We seem to have gotten stuck on the first part of buying some promising players but forgotten the second half where you move them on when they are either working as hoped or when they have achived maximum value.
How do you know you are getting a isac and not a nichlas pepe? Or a ederson and not an antony?