Alright, now I understand what you mean!
I dont agree we are over the limit, since we have less than 8 senior homegrown players. We have solved this by not registrering a full 25 man squad of seniors. Our main problem though, as you said, is our lack of club trained seniors, not homegrown seniors. For CL you need 4 club trained seniors and we only have 1 next season (Foden).
But my point still stands in the way as yes, we currently have no immediate need for homegrown players, but with being only 2 over the limit its still something we constantly have to think about when making transfers. Especially with Raheem looking likely to explore his options, and at least one of them likely to be unhappy with his minutes (Ake). If both were to leave without us replacing them with homegrown players (and I cant see any homegrown players on a similar level of quality being realistic targets), we would be locked into only being able to replace say Walker with a homegrown player in the future.
Thats why I think we should definitely be interested in signing one or two of the few English players that actually are of quality high enough to have a place in our squad. Because if we are being honest, its only a few outside the top6 clubs (mostly unrealistic targets like Kane) that are good enough for us. On the top of my head I can currently only think of Rice, Bellingham and maybe Phillips that are English players who we could realistically sign that would also not be out of place here. And since all of them are midfielders replacing Fernandinho with one of them makes perfect sense to me=)
With that said, I do agree we should not be after someone just because they are English. But if they are good enough, AND English, they should definitely be a priority if we dont want to paint our future selves into a corner, considering how close we are to the limitations.