Thing is, I think everyone's agreed on the basic dynamic. We spent money on a very well justified (and, in the end, executed) stadium investment, we had to endure significant financial constraints before we could spend heavily on the squad again.
I also think everyone agrees the squad investment could've been brought forward. At the very least, I don't think even a hardcore fiscal conservative would argue we shouldn't have just broken our transfer record! And most would say we should've done it years ago.
The differences are of degree - how much spending, on which targets, during which window, etc. And are speculative in relation to what we imagine the alternative history could have been - the alternative to, as you correctly point out, going on nine barren trophyless years.
I just want to corral the debate within realistic parameters, where we don't debate across some mindless pretence that because we were "profitable" after the Emirates move, we didn't have the retirement of the large debt we took on as a big priority for the good of the club.