Not really. They went through a period of spending little while their squad got weaker, they are possibly losing rodri and Bernardo, they are in need to improve their squad to compete for the pl.
Yes really. They will replace Bernardo with Anderson. Rodri probably still has 2 years left in the tank, and if sold will also surely be replaced.
Aside from that, their squad is strong enough and of a good enough age profile to survive a 2 year transfer ban. The signings of Guehi and Semenyo in January clearly improved them, and they should still finish there or thereabouts.
GK - Donarumma 27, Trafford 23
LB - O'Reilly 21, Ait Nouri 25
CB - Guehi 25, Gvardiol 24, Khusanov 22, Dias 29
RB - Nunes 27, Lewis 21
CM - Rodri 29, Nico Gonzalez 24, Reijnders 27
AM - Cherki 22, Foden 26, Nypan 19
LW - Doku 24, Marmoush 27
RW - Semenyo 26, Savinho 22
CF - Haaland 25
The age profile of their squad is very impressive, it's almost as if they've been building it in anticipation of such a scenario.
They could probably do with an additional player this summer at RB, CM and CF or RW (to back-up either Doku or Haaland); maybe CB depending on Dias' fitness. But assuming they get those signings done, which isn't that many, then it should be pretty future-proof for 2 years. The vast majority of their squad will be in their very peak years.
Again, they may still not win the league with it, and the manager will be a question mark, but it will be enough to keep them very competitive at the top end of the table.