In essence, yes.
And we might actually do better for it.
For me the league is our bread and butter, followed a close 2nd by the EL. It offers UCL qualification and if we could get to the last 16, a very real prospect of winning it. If we were in Man Utd's position, I would be very confident of us winning it now.
Given how difficult it will be to improve on 7th anyway, I would be very happy to finish 7th again next year if it meant winning one of the cups. Ideally that would be the EL and should be our main priority outside of the league.
I agree
A lot depends who gets knocked out of the group stages of the CL
United were lucky that no really big teams went from CL to EL this year.
With CL for the winners if the CL goes to plan it could be a realistic target if we are lucky enough