It really depends on how you weigh performance versus outcomes.
In terms of outcomes they didn't achieve anything last season. But in terms of performances they were the second best team in the league both on paper and in reality.
And when it comes to projecting forward, performances count for a lot more than outcomes. There's good reason Arsenal predicted to finish ahead of us this season, second favourites to win the league behind City, despite us having won a trophy last season while they didn't.
To my mind finishing the season in that position, where we're rightly regarded as having been the second best team in the league this season and most likely to challenge City for the title the following season, would be an extremely good place to be. And more significant in terms of our progress under ETH than another cup win while not looking like a title challenger, even if the cup itself is a better prize.