We did spend a lot last season, but I think just looking at the net spend is not exactly giving a full picture. We needed to sign a CB last summer because of the contract situations surrounding Vertonghen and Alderweireld, we still need one. We needed to sign a DM last summer because we haven't had a good one since 17-18, and we still haven't. We needed to sign a backup striker last summer after Llorente left, and we still haven't. We needed to sign a RB last summer after Trippier left and didn't sign one until this summer, and we're probably going to have to sign a new one in the next 12-18 months due to Doherty's age.
Our net spend was big basically because we bought Tanguy Ndombele and Giovani Lo Celso. They're great players obviously, but we bought them because they're highly rated and can start in our midfield for years hopefully. We didn't address the many needs in the squad, that's not a rebuild to me.