From my perspective, EL is massive to clubs in our league (Croatian). We only have 1 CL slot and it's just for CL playoffs. Same for EL. So any Europe is a massive boost, not only to club finances but to player price tags as well. Clubs here survive mostly by selling players, and if they're not playing big games (which EL is for us) or participate in national team, then that means no money.
But in PL, which has so much money, the benefits of EL to me seem non-existant unless you win it. Your schedule is packed, the money is there just for staying in the league and EL doesn't have any weight to it. I'd even say EL is much harder to win than CL since you get CL teams in playoff stage as well, but the prestige of winning it is not there. And you certainly don't need EL to bump up the player prices. I mean, Godfrey came from a relegated team for gbp 25m. Our national champion can only dream of selling a player for that much money unless it's a generational talent like, say, Modrić.