Utd's revenue is around £690M for 2022, ours is £494M over the same period. The gap has closed massively in less than 5 years.
Chelsea generated £450M in 2022, at a time when they were in the CL and with those huge sponsorship deals you mentioned. Lower revenues, higher outgoings. If we haven't overtaken them it's only in relation to success on the pitch.
Liverpool generated £540M in 2022, also with CL etc.
All of the above are currently at peak or are dropping off, we've only started on the journey, as 2022 is just the first year we've been able to start seeing the benefits of the stadium, and we haven't yet had the full quota of events etc planned.
In 2022 we didn't have the CL income and we still have naming rights to the stadium to finalise.
We're a whole lot closer than I think you realise.