The quality of the squad will get clearer in the 2nd half of the season when we integrate the new players and Rodri has several months under his belt. I expect at least 5-6 of the relatively new players (counting those signed in January as well) to be starters come January: Donna, Khusa, RAN, Reijnders, Marmoush/Cherki and Gonzalez. We may sign a RB in January, if Pep hasn't found a solution by then (Khusa?).
I wouldn't swap our squad for Liverpool's or Arsenal's. Liverpool are very reliant on VVD (34) and Salah (33) and are a bit short on options at CB. We have a better spine than Arsenal. A lot of work is needed, though. Whether we can compete this season is anyone's guess. It will be difficult, as we are likely to drop many points before Christmas. Maybe we will have more of a chance in the CL.