The fact that they spent 500+ million pounds on transfer and still saying that they are lacking a position is beyond funny to me. If you gave me 500 million pounds today, and gave me a team with zero players in it, I would have built you a team that had at least as much points as Chelsea, who knows maybe even better.
I do not say this because I think I would be a great president or anything, you could probably do it too, any of you, it's really the bare bottom you could do how they are doing right now, I highly doubt that too many people would do any worse, specially if you played any managerial games, you would know that you would be 9 times in a row UCL champions with that budget, but to be fair in real life at least as bad as Chelsea to be realistic.
Your point is clear, but you underestimate inflation and the extent to which player prices are inflated. According to transfermark, even weak clubs have squads worth 300-400 million (as I understand it, the most successful is Fulham with a squad value of ~250 million). Moreover, this is the "virtual" cost of the player and not the real one for which it can be bought. I think that 500 million now is too little to build a team from scratch.