Sadly you are right. We wouldn’t be in the same situation that Leeds were in when they went down in the early 2000s.
Things would be much worse.
Relegation is unthinkable.
Leeds were still in financial meltdown even when they went down and for years after.
What Leeds did that nearly ruined them that we must avoid is selling high earners but agreeing to still pay a percentage of their wages.
In some cases Leeds sold players to Premier League teams once relegated but agreed to pay 50% of their wages still. In a few cases this was over the course of the contract the player signed with the new club. Some contracts had been 5 years long.
It was absolute lunacy but then again it was probably the only way they could get rid of high earners.