100% this.
Tbh I don't understand why the PL need any financial rules - if a team enters European competition they need to comply by those rules, so if a team does well enough, they'll then need to reign in spending anyway.
Get rid of PL financial rules and the Uefa financial rules act as a form of 'anchoring' anyway. Clubs not in Uefa competitions could spend and invest as much as they like to try and catch up with the top clubs.