Far too much is made of net spend in 1 window. Squad value is a far better metric as we can spend £120m net and have a squad that is then worth £250m and another side could spend zero (net) and still have a squad worth £1bn.
If you haven't been in the prem for a long time and get promoted with a team full of championship players, the reality is you are only able to potentially compete financially with the other 2 promoted clubs. It's a pyramid structure, the more years you survive, the more you can spend. Newcastle owners found out the hard way that you can also have all the money in the world but if your starting point is a squad worth a fraction of that needed to contend for top honours, the rules will mean it can take a decade to build something to get to a squad net worth whereby you can contend.
Doug King has done great by us and £120m is a lot of money, but if you look at this table, you soon see the challenge for promoted clubs
Premier League 26/27 and the correlation with projected positions