Finishing above Liverpool definitely matters as far as Im concerned, especially in the absence of a cup. "Bragging rights" is probably the wrong phrase, because bragging is for the team that wins. But still, finishing above them in the league means we were better than them over the course of the season, which is some comfort. I dont understand this argument that if you dont win your league position is meaningless beyond mere CL qualification. Among SAF's many remarkable achievements, his consistency in getting into the top 2, usually being runner up if we didnt win, is among the most notable, for me. I remember that season we ended up 3rd behind Liverpool, it sucked. Not as badly as being pipped at the post for the actual title, but that doesnt make it meaningless.
A cup would change that, of course. Id rather come 4th and win the FA Cup than 2nd and not.