Looks like that on the face of it, but that's only because our starting XI players (especially GK, defense and attack) are so freaking good that it's almost impossible to replace them with any sort of consistency.
Before 18/19 we bought Alisson, Fabinho and Keita, two of which are nailed on starters now when fit (and both in their prime aged 29 and 28). It's just the offseason after our breakout year that we only signed Minamino (who provides good depth these days). After that it's been Tsimikas (great back-up), Thiago (starter if fit) and Jota (perfectly interchangeable with any of the front 3). Last offseason it only was Konaté I believe but again solid depth added to the defense (and much needed).
We have great back-ups for every one of our four defense spots, and more than capable back-ups for our midfield (only problem there is the likes of Milner, Oxlade-Chamberlain, Keita, Jones, Elliott, ... have been constantly injured on and off). The weak area is our attack but through some magic or whatever, Salah and Mane seem to stay healthy forever. If one of them goes down, let alone both together, we are fecked.
Agreed that City are favourites at this point, think they also only have Mahrez going to the AFCON compared to Salah, Mane and Keita for us (and Mendy and Ziyech for Chelsea)? Even though Liverpool looks most imposing right now I'd say, I think City will be more consistent over the course of the entire season.