The country coefficient works by averaging the coefficient of all their representative clubs.
You gain coefficient points for winning/drawing matches. You get more points in the Champions League, then Europa, then Conference league.
The two top countries get a bonus (5th place in our case) entry. Currently England have the most points, then Spain, then Italy (with Portugal a way back in 4th).
We have 3 teams in UCL, Italy 1. We have 2 teams each in the Europa. We have 1 team each in Conference League.
It's pretty much impossible that their 4 representatives will outscore our 6, especially given that half of ours are in the Champions League (vs 1/4 of theirs).
It doesn't really matter whether Spain out perform us - the top two get bonus place, so we're only bothered about who finishes third.