Arsenal's ideology of always prioritizing young players is indeed very good, but if Arsenal can't keep up with the times, of course they will never be able to win the title. We know that currently many successful English teams are funded by owners from the Middle East and with a fairly smooth process, they are able to be consistent in almost all seasons.
I can agree with you that times changes and it's either you change with it or break. After Manchester was taken over Sheikh Mansour and he brought in Pep along with funding the team, giving the manager the chance to get players of us choice, the game changed gor Manchester City and now, they are champions.
Todd Boehly has tried the same thing with Chelsea over last season haven't spent so much in the transfer market, they still ended up at 12th on the league table.
There is no promises about the players you get in but Arsenal has done very well for themselves over the course of last season and 2nd wasn't a bad place to end up with the squad they had.
The Premier League competition is getting tougher from season to season, it is very difficult to predict who will be able to dominate. In the past, the Premier League was known for the strength of the top four, but now six to eight teams have almost equal strength. So because of that, a team like Arsenal, which is synonymous with its young players, is now starting to shift direction a little. Under the control of Arteta, the team from London have started to rise again and it was proven that last season they were able to reach runners-up.