I don't think there is much wrong with Liverpool's current squad, of course the fans are waiting for a new star player to be added to the squad, maybe it could be because it would be an impressive innovation for the championship. But as you said the current squad is good enough to compete with Manchester City and Arsenal.
Yap, current squad is actually still good enough. and it seems that this time Liverpool did not spend much money to find new players in the Arne slot era. At least so far, Liverpool's signing arrivals have only been 2, all of which are free transfers and come from their own academy, such as Vitezslav Jaros (Goalkeeper) and Bobby Clark (Central Midfield). Indeed, for now, the hot rumor for Liverpool is the rumor regarding Liverpool's interest in Alper Yilmaz, a Turkish Right Winger who currently plays for the Galatasaray club, but he is also not a top player.Slot said that it is quite difficult to get players who match their expectations and targets. Liverpool currently has top players, he said. However, in the few weeks before the transfer closed, Slot and management are continuing to try to get players who are indeed on target and can clearly strengthen the club.
Source: Arne Slot on new signings