When you look at the squad, you have to look at it not only in terms of numbers but in terms of how comfortable you would be with said players starting regularly.
For example, I'd be relatively comfortable relying on the following players:
Ederson, Ortega
Walker, Stones, Akanji, Dias, Gvardiol, Ake, Lewis
Rodri, Kovacic, Nunes, Bernardo, Foden, KDB
Haaland, Alvarez, Doku, Grealish
19 players (two of which haven't even made their debut) who I wouldn't wory about if I saw them on the team sheet. Then you have the likes of Gomez and Phillips who will fill out the bench, and Bobb as a prospect. Add in Carson, and it's a 23 man squad.
But KDB is injured until January at least. Stones, Kovacic and Doku are all prone to injury. Lewis is a teenager and his physicality is a slight concern.
Less than a month into the season and we've already had injuries, illnesses or fitness concerns with Stones, Akanji, Dias, Ake, Bernardo, KDB, Foden, Grealish and Alvarez.
Numbers wise, we're similar to last year. But have the changes improved the squad, or, at least until the new arrivals fulfil their potential, weakened it?