They are, but not very long ago they were being talked about as potential suitors for Bellingham and Mbappé, the players they're signing or being linked to now are a million miles away from that.
They should have been all over Rice, Havertz, and Timber, just as an example. These guys have tons of experience at the very highest levels, they're the right age, and are ready to go and to win.
Instead they're wasting the twilight years of top class players in Alisson, van Dijk, Robertson, and Salah next to kids, and paying them in-line with the very best players in the world to boot. It seems really poor from a strategic standpoint to me. All a bit Arsenal 2008-2020 - mishmash and lacking in a coherent vision.