I agree too. But I also don't really see the argument here. Some people seem to be suggesting that we wouldn't be looking at him if he wasn't English, therefore we shouldn't bother. But that's the whole point of the homegrown rule. We have to look at homegrown players. It's irrelevant whether we would buy a Spanish Delph. The only question is whether there are any homegrown players we could buy that would be more likely to add to our squad, and what sort of money they would cost.
Off the top of my head, these are the players we've got to choose from, who would be available, vaguely decent and probably (possibly) willing to come: Delph, Schneiderlin, Wilshere, Berhino, Austin, Clyne, Stones, Rose, Kane, Barkley, Grealish and of course Sterling. Of those, only Sterling and Wilshere would be automatic starters when fit imo. Schneiderlin and Delph would probably get a rotation role to start with. The rest would either be backup or talented youngsters who have to settle for cameos from the bench initially. The club seems to be going for the policy of trying to get the players that would start, but if one of the others becomes available for cheap in a position that we need cover in, then it's definitely worth a shot. The reality is that if we buy no homegrown players, we start the season with a squad of 19 plus the EDS. Which simply isn't enough to compete in 4 competitions.