It feels like that way but you look at the money the top (and even mid) teams are spending and the wages they are taking in on, and the lengths of the contracts and it just takes a bit of a market contraction for them to be stuck with a bunch of players that put them in financial trouble.
Foreign leagues are spending virtually nothing already, and eventually the PL are going to need somewhere to sell all the players they are buying. It sets up for the bubble to burst, and leave a lot of clubs in the position we’ve been in the last few years.
It’s hard to find optimism right now but if we can weather the storm short term then the enforced belt tightening we’re going through, plus the new stadium, probably set us up well for the medium-long term compared to the wanton spending of the rest of the league.