Compared to Real Madrid? Unfortunately yes.
I find all this recent hysteria a bit funny. City signing a couple of players really brought up the inferiority complex in some. Their best players are still Agüero and Toure. At the end of the day, those are the players that will make a difference over the league season. Take those two away and you got a team of De Bruynes, Sterlings and Fernandinhos- comparable to ours.
Adding the likes of Higuain, Aubameyang, Schneiderlin etc. isn't going to take us any closer to City or the title, because they still have Agüero and Toure. Those are the level of players we need to add to our squad and it looks like that's what we're trying to do with Benzema(and have done with Cech, Alexis and Özil).