Unlikely unless things fall our way. If Ronaldo goes to City, then it's hard to see anyone beating them out, a mix of Pep and Ronaldo. It's funny as I think we'll have improved massively but as of now would put us at 4th favourites. More likely a cup win though and we really need one.
It gets to a point where the difference between the top clubs is less about player personnel and more about the coaching, and I think we're pretty much there. Ole has done great and I don't want him gone or anything, but I also think City/Liverpool/Chelsea have 3 fantastic coaches, the 2 best of the past decade and Tuchel being a very good tactician showing his impact instantly too, while Ole is merely "decent", but not necessarily providing a huge plus on his own but not dragging us down either. We need a "plus" coach if we want to win the title IMO. Yes we need to revamp our midfield group, but it can't be done in one window regardless. Next summer is the next step, where the dream window is Haaland and getting a new midfield 2 after Pogba leaves in all likelihood (and probably VdB as well).
We have a young squad, we'll be up there, and it's continually progressing really well. Just because oil rich teams are able to spend 100m on a squad player and add on Ronaldo, or can add Ramos/Messi/Hakimi/Donnarumma/Wijnaldum in one summer, doesn't mean we now have to risk our future just to keep up with them. We do what we can. Realistically, Sancho and Varane is doing what we can.
I think your view is fair, but the worry of looping in perpetuity has to be there as servicing one area of the pitch then leaves others thin unless we get a breakout wave of graduates supplementing us in those weak areas.
By this, as an example, say we genuinely put together a package for Haaland, but at the same time lose Pogba; with our outlay per window, the pursuit of a replacement anywhere near Pogba has to be rolled over to the next summer, if not farther, in the meantime, our other players of quality may have their head turned or become disillusioned with the inert state of gaining to lose, or losing to gain (whichever way is still a loop that's practically inescapable), which is a frustrating state to be in, particularly for a fanbase.
What's stuck in the craw for a lot of people is this was a window in which we made ground on City and were ahead of Chelsea, seemingly, only for our work earlier in the window to be top-trumped with us now appearing not to address a serious flaw in our 1st team, whilst those around us are still, even now, strengthening further. So not only have we not closed the gap, we've not even remained equidistant to last season and have instead seen the gap widen.
In terms of organic growth, I can see where you're coming from, but the picture painted in this most inorganic of times is that we're not going to challenge for the title barring a miracle class of unders coming through at the same time, or waiting for Pep to leave or both oil clubs slipping and needing to rebuild at the same time (see Leicester's fortune); I personally feel this is our best chance to give it a go, should we get a proper midfielder in before the window shuts, as next summer so many headaches in the first team will be in need of address.