It is true that the Premier League is more competitive than lets say the top leagues in France, Germany, Spain and Italy thanks to the high amounts of Domestic/European TV Money (Which is also more equally distrbuted than most) and to a lesser extent high matchday revenue. Which in turn inflates transfer fees and allows all the clubs to buy/retains players which they would otherwise be unable to do so.
However the fact remains is that though our owners we have more financial resources than any of the other clubs and if we actually made an effort to bypass FFP (via the 4 ways I suggested earlier), we would be able to pinch the best players of the other clubs in the Top 6 (and to a lesser extent the main European Clubs) and "persuade" the FA/EPL to relax the squad rules to allow for a much stronger strength in depth in our squad. That would allow us to dominate the EPL in the same way PSG, Bayen, Juventus, Real and Barcelona do in their leagues.