We definitely don't have a top 4 squad and the table proves that: all of Liverpool, Arsenal, Chelsea and - just about - City, have better squads, as do Villa and Newcastle. You can make an argument that Brighton, Forest, Spurs and, actually, Bournemouth, are also better in the sense they've got a bigger core of players who are, well just better. Whether because they're younger, stronger, faster, more physically adept, more technically skilled and, in many cases, are still developing, with higher ceilings.
Conversely, it's accurate to say we have a large group of players in our regular squads who are nowhere near good enough: Casemiro (a ridiculous signing), Eriksen (too old); Maguire (redeemed himself and a good role model in many ways, but too slow and lacks mobility), Malacia (a punt but he's nowhere near PL standard), Martinez (too short and slow for the PL), Antony (where do you start?); Dalot (we've seen enough to know he's not good enough) are all in there and you could add to that list of course. It's actually easier to come up with a group who might be of top 4 standard. Because it's not a big one.