Footballers from almost every country are doing well in European clubs, but very few players from this country are doing well in other countries' leagues. Instead of Italian players in the Italian league, most of the players are from abroad, meaning they are relying more on foreign players for their clubs. At one time, our hopes for the Italian team were completely dashed because we were not seeing any strong players in the pipeline that we could rely on to fill the gaps that the current players would fill when they retire. Now Italy may be working on their football again, but they will have to work a lot harder if they want to regain their former position.
I think Italy should go to the World Cup right now They have a very good team, good forwards, and strategies that draw attention, Especially when watching their games, they have a much more attacking nature, and that's essential They'll face very tough teams, and what they need now is to secure their place, It's all up to them. I think one of the things they need to work on the most is their physicality, especially their endurance, and for them to play a little faster.
It could be bad timing for this post after Inter Milan got destroyed by PSG in the Champions League final. Italian teams haven't been doing well internationally and as it's right that this doesn't count too much, there are not really that many Italian stars out there. Italy has played convincingly strong football because of their high degree of team organization through stressful game periods. I doubt that as of today they have the players and the level to take a shot at the title. It is still one year to go, but taking everything from recent months into account, I wouldn't consider them to be among the top favorites.
If we take a look at the European results of Italian teams they are not too bad, especially considering that Italian teams spend for players and salaries only a fraction of what English teams do, and of course Real Madrid, Barcelona and PSG. You can't expect Italian teams to win the Champions League when a random English team spends more money on the market than the Serie A winner.
Regarding the national team there are 0% chances for Italy to even think about winning the World Cup. And I'm Italian.
The manner in which Inter Milan lost the Champions League final had nothing to do with random English teams spending a fortune on new players. Inter Milan did not do what they did in all those other games and player quality was not the issue in the league phase, not in the round of 16 or quarterfinal or semifinal. They could have done it in the final, but for some reason stopped playing football altogether in that game.
In regards to the Italian national team, I think 0% is too pessimistic.

I agree tha they are not one of the biggest favorite teams, there is no disagreement about that. But I think large events like the World Cup are always good for surprises and I would not count Italy out when it is about pulling a surprise. It's not like they only have low quality players.
And one more thing about the money spent and success it brings. PSG paid for Messi, Mbappe and Neymar and you know how that ended in the Champions League.