I just don't see that. If anything, the past years have proven that those mega transfers for absurd sums are leading nowhere. Spread the risk more evenly, plan carefully and in advance, show interest in the right players in the right moments, emphasize sustainability and a long term vision, ideally by giving your club a recognizable playing style and identity.
Also, I think the spending habits of PSG, City and Chelsea are less extreme than they're usually made out to be. PSG have been very cautious on the transfer market since signing Mbappe and Neymar. Yes, they maintain a squad with two super stars but the team is very imbalanced - an enormous gap in quality between the worst and the best player. City is constantly spending highly but they distribute the risk very well and ensure they have a well balanced team and distribute the risk. No silly 100+m transfers or anything like that. Chelsea has had a very crazy summer despite Corona but they also had the Hazard fee as well as budget from last year to spend.
Moreover, I believe people underestimate the wage bills. Barca is spending around 70% of their revenue on salaries, and they have the highest revenue among all clubs. This is crazy. They afford very expensive players in every position and they spent 500m on transfer fees with atrocious return on top of it. That's just incredibly wasteful. Honestly, I lack words for how badly Barca has been run ever since Guardiola left.