There was a couple of years when there were no available players that could improve you, you were that good. In that instance its right not to spend, but then we can all be managers so who knows if thats the right approach. City kept spending when they were winning, but then they had unlimited funds in brown envelopes so didnt need to plan like a normal club.
This is a good point. You went through that Liverpool XI at the time, and you just couldn't see a weakness. Goalkeeper class, great centre backs. brilliantly creative full backs, very good midfield, strong, powerful, energetic, front 3 different gravy. That's why they hit 90+ points and Champions League finals.
You can't say the same thing about this Arsenal team. There are still some obvious weak points. Goalkeeper not top class, but i wouldn't go out and try for an upgrade yet, left back a weakness (hopefully Timber helps with that), we need a long term settled partner for Rice, and i agree with your assessment on Havertz. I like him, he'll be valuable in a squad because he can play midfield or up front, but he isn't the final answer for either position, so we still need at least 1 forward.
In a way, it's a credit to Arteta that he's getting the team to perform so well, but individually are a lot of the players actually really rated that highly, as highly as that peak Klopp team was rated for instance? Would many even make a current EPL 11?