The fee is high due to his low wages would be my guess.
We're reportedly taking him on for 5 years at those same wages (£50k per week), so if he sticks around we get Saka backup but also save about £100k per week (£5m per year) against a comparable player such as Mbeumo over the next 4–5 years, dependent on his progression. And if he doesn't pan out it's not hard to imagine a lesser club taking a punt.
For me this is like Norgaard, he's got a pedigree at our level and is apparently willing to come as a fringe player. He's an expensive gamble but the outlay seems to be offset by wages and resale.
That's £20m off the wage bill total.