My concern is that both the BoD/owners and the management team are too fully invested in 'the process' and the inherent security blanket that provides, as seen with failing to make any signings to buy or loan last Jan to sieze the opportunity presented re top3, let alone top4.
We have spent heavily since the Ozil & Sanchez mess under AW, but only lately have we done so seemingly with a plan or purpose (even if I disagree with it's application and structure). IIRC we were the last of the big6 to have a 100m spend in a summer transfer window by some years, and IMO we are still playing catch-up in terms of quality and capability. IMO the starting XI is still not fit for purpose as yet and we are severely lacking in player experience, let alone the style is not yet fully imbedded into the team.
As for this season IMO we should be targetting top3 if for no other reason than to give ourselves some margin for error re top4/UCL qualification. IMO Jesus in particular but also Zivchenko are transformative signings for both our attack and transitional play. Similarly Saliba may also prove to be another in terms of our Defence.
IMO none of the other big6/top4 have made anything like similar progress, whilst IMO MU in particular and also CFC are a bit of a mess as things stand, and are struggling to make signings as they experience a transitional season under new management and ownership respectively. That said in terms of quality both clubs are no worse than us, and both are ahead of us in terms of managerial and player experience. It is unlikely both clubs will remain in transition for long and this season may represent our 2nd best opportunity to regain top4 until the next time 2 of the big6 are in transition and this team matures, whilst also hoping NUFC are not another factor for consideration before then.
EDIT - I also think we need to make the most of the opportunity to make hay whilst the sun shines prior to the WC, as that may prove to be a wild card in terms of the condition and confidence of players when they return, let alone the potential for transformative change after the Jan transfer window as seen with both TH and NUFC last season.