This same thing was said when Chelsea signed Werner, Ziyech and Harvertz and Spurs signed Bale and Liverpool signed Thiago but yet here we are comfortably ahead of all these teams. Let's not over react and write off our chances for next season already based on assumed signings.
Liverpool's collapse may continue of course, but my guess is that they won't be quite so bad next year. I am expecting Chelsea to do well largely because of their new coaching setup - Tuchel is a big step up from Lampard in my view and if they can find a striker this summer (Haaland seems a possibility), then they could be the closest challengers to City next year.
I don't expect Arsenal/Spurs/Everton etc to make the kind of step forward this summer that would put our top 4 chances in serious jeopardy, though (we will have a relatively quiet summer, but will definitely do some business, which should be enough to keep our noses ahead of the chasing pack).