Chelsea spend too much but they still get no good result. Additionally, maybe if Boehly gets a little more patient with managers they will get better results in time.
That's because they spend wrongly. They're not strategic in the way they sign players. Almost every week Chelsea signs a new player. With money like that they should be able to assemble a very good squad. These things are not just done anyhow, you have to be strategic about them. When Boehly took over Chelsea did not qualify for the next year's champions league, so they must have known that they won't be able to get stars because every big player wants to play in the champions League. What they should have done is get players good enough to make them qualify for the champions league. Even if they don't get players that'll make them compete for the league, but they should be able to get them to 3rd or 5th position. This way they can get stars the next season.
Building a team takes time and tactics, but I don't think Chelsea have any plans at all. They signed Guiu from Barcelona last week, they've signed another player from Leicester this week. All these are player with potential but they're not great players at the moment and most of them won't turn out great. The fans may feel they're planning for the future, but they'll regret making these decisions in the future.