That would not be proportional. And if they were to be stripped of the titles, the seasons should be nulled without a champion. Either way, the trophies and points were won on the field and even if the squad was assembled unfairly, they still had to go and win. I don't like the idea of changing history unless there's been unsportsmanlike offences (doping, fixing etc.)
There should however be squad restrictions (Reduced spots for non homegrown players) and decreased FFP leeway (amount of loss allowed over a period of time) for atleast a few years alongside a proportional fine. That's what FA should be looking to do.
Even from a UEFA standpoint, I find the 2 year ban a bit disproportional. I personally feel that they are starting high so that they can negotiate it to 1 yr and a reduced fine like they did with Milan.
What's the difference here? It has been called financial doping. They've broken rules established to prevent clubs from gaining advantages that are unearned. They've hidden, laundered and cheated their way round systems that all other clubs have to abide by. They wanted to fix the game so that they would have a ridiculously powerful squad, despite not filling their stadium and being inconsequential as a worldwide club. This is easily as bad as other forms of cheating.
I don't want those tainted titles, though, agreed. We'll earn them ourselves thanks. Just strike their name from the record. I don't really think the FA/PL have the balls for that though. It will be a fine and some irrelevant points deduction at best.
But no one will be able to ignore their cheating now. The English press have looked the other way for years, with occasional articles that were ignored by the mainstream as they lauded their achievements. Now it's there for everyone to talk about, and all their "achievements" are tainted.