Yes but we have been able to spend on infrastructure and other clubs in other countries to help promote the City brand, we have been creative with FFP outside of the UK as a result of having the financial clout to do that... Arsenal have not, nor have Liverpool, or even United and Chelsea.
We have been more creative out of necessity, but we've also had the financial backing to turn those creative ideas into reality in a way that the other clubs haven't.
For instance, we have been able to extend our south stand without FFP restrictions (because it's exempt from FFP), but Liverpool have to find funding for their stand to be rebuilt. They have to recoup those costs, and we don't. That puts us at a significant advantage.
Arsenal had to pay full whack for their stadium. they've been recouping the costs of that for years, so sure, matchday revenue at Arsenal is bigger than ours, but their other revenue streams generally aren't - because they've not been as able to invest in them like we have.
We had a brief period of time prior to FFP when were able to invest heavily, and we've set up other clubs abroad (including staff and marketing) where some of our costs and efforts can be split which helps the bottom line. Meanwhile, Liverpool and United have been out of CL and missing out, whilst we've benefitted from it... so things have swung in our favour considerably.
But, and this is the crucial part - given a similar backing and strong ownership, other clubs can do precisely what we have done too. We're just lucky there aren't many such owners around.