NO.
What the fuck do you even mean like for like.
He does not have same attributes or abilities as Madders. Not even on much lower level.
He cannot score or assist to save his life. He is not able to do this on EPL level = he does not have same abilities. Binary - yes or no and in his case it is very clearly "no". Proven over and over and over again with return of 1 goal and 3 assists over 3 seasons and 2 months now.
But to answer your questions -
1) Who else in our squad can play the same position - well talking about abilities, PEH could do it better. He has proven he has goals and assists in him. Even if he is not as dynamic and much worse dribbler, he can at least help the team. He has basic shooting ability and on a good day with bit of luck he can make an assist as well. Proven by his 4 goals and 5 assists in EPL LAST SEASON. Reality proves conclusively who is better, mentally you can imagine whatever but it is just that - imagination. I'd rather see Gil or Kulusevski in this place. I'd rather see Bissouma shifted higher with Skippy taking Bissoumas place. I'd rather see Nile John given a chance. All of those options would give at least hope that something could actually come of it. Not just prove for 75th time that "nope, still absolutely nothing."
2) What position Lo Celso is - easy. His best position is out of this fucking club. He is not even close to our level and faster he leaves, better for everyone. I expect this to happen in January. Together with returning of Bentancur, sale of PEH we could hope to see more creative type CM to be brought as well to keep pushing.
3) Could he offer us something - no. Proven sooo many times. Not good enough to do that.
4) Does he owe us something - oh, he absolutely does. But he cannot provide what he owes. So playing him more is wasting our resources and as a result, he would owe us MORE not LESS. This time could be given to players who can actually contribute and who could be of any use in the future.