It depends what you mean by taking it into account. Obviously we all know about what's been happening in recent years - I even said it in the post you're replying to - but when looking at season on season progression, no you don't need to look at how much we spent 5 years ago because that's irrelevant.
I won't try to do an in depth analysis of transfer dealings, but we had about 10 million of outgoings even though we lost big contributors (in minutes, not necessarily quality) in DCL, Doucoure, Lindstrom, Harrison, Young. We lost two keepers so needed replacements.
The squad was thin to start the window, which obviously necessitated a large positive net spend but also means that many of our acquisitions were replacements rather than acquiring players to challenge incumbents (building a squad).
I'm sure that the club wanted to upgrade at LB, for instance, but didn't have enough strikers, attacking players and goalkeepers to even consider it.
It was a unique circumstance where at the beginning of the window, it wasn't clear we had a starting 11 of first team players. We won't go into this summer in the same situation. We should be looking to upgrade current starters, under contract, rather than filling holes in the XI this summer.
The closest thing it could be compared to is a promoted club that is trying to improve it's squad. It's not the same, promoted clubs typically don't have players like Pickford,
Branthwaite etc to start with. But we were trying to complete a starting XI that could compete in the PL.
It's both remarkable that we're in 8th, and at the same time a bit frustrating that only two of the acquisitions have had a positive impact on that result (and one for only half the season), so while I share some of that frustration, we're still in 8th and if we can maintain or improve that position, it will pay dividends this summer and next season.