"Second rate teams" is a bit of a raggy thing to say. Sane scored eight goals for Schalke before he came to us, and look how that turned out. Kev, Kompany, David Silva, Jack, Ake, Laporte... tons of our greatest players came from teams that are outside of the established elite. Mbappe started at Monaco. Haaland started at Bryne. What on Earth does a player's current club have to do with their potential or talent? Isn't everyone always saying "I wish we were more like Brighton finding all these random gems like Mitoma and Caicedo?"
And you say "players like Palmer, Bobb, of a similar age playing for a top club". But, they're not, are they? Palmer, okay, he had a few minutes last year, but he's not a week-in week-out starter for us in the slightest. And Bobb is an academy player. McAtee has played at Championship level. There's a big difference between a lad with two full Prem seasons under his belt like Olise or one who has started European games and helped push Rennes into CL contention like Doku and a lad playing EDS football. And, logic may dictate, it might be easier for someone who is used to high-level football to make more of an immediate impact as opposed to someone who has spent most/all of their career up to that point playing against teenagers.
I think there's a general consensus that we'd all love to see as many academy lads as possible making the first team. But I think there's also a widespread misconception of the vast difference between "Doing well at academy level" and "Playing for the treble winners under Pep". Phil is a very, very rare gem. He's an exception. We aren't gonna get a Phil every year. It just won't happen. It'd be fantastic if Bobb or McAtee or whoever could reach that level, but the odds of that are so slim, and most of these lads need to be playing regularly to continue their development, which is why I think loans are needed for a couple, if not transfers.
Ultimately, for me, it's sod all to do with "shiny toys". It's what Pep thinks is best. If he has actually said "I want Olise/Cherki/Doku/whoever" then that means he has seen something in that player that makes him think they can cut it in the best team in the world. And he's usually right about these things. That's why I get excited over it. Similarly, if he says "I think Bobb/McAtee/Palmer is all we need" then that's absolutely fine too. He's given us the best years of following the club and I have no reason to doubt him now. He'll make it work, whether that's with new players or academy talents.