How far back do you wanna go? Based on the last 5 years I'm pretty sure we're still in the top 4 or 5 for net spend.Your last point is fair, but it is also fair to say that for most clubs, especially those above and around us, their spending was much, much lower than many previous seasons, largely due to them being much further along in their projects than us.
That isn't to say Ange hasn't had money spent on him, but if your gonna judge him on his money spent it would also be fair to to take time into consideration.
Edit: yep 4th since 2019 (furthest right column):
...and about as big a gap between us and Newcastle in 5th as there is between us and Chelsea at the top.
Wage bill is another matter. Clearly it's been a policy choice of Levy's to shrink the wage bill further while he invests the cash saved in transfer fees, and the merits of that decision remain to be seen. But the idea we're still a club that doesn't invest, or doesn't back the managers in the market, is plainly nonsense.
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