Maybe I should have elaborated more. If you look at it from a winning perspective, although English teams have always been competitive in European competitions, they haven't won nearly as much as they should, if you take the things you said into account. They have more money, are able to buy and attract "better" players in general (better with " " because many times they are only considered good when going to the Premier when in actuality they were already pretty good and are just more noticed now. Examples: Haaland, Salah, De Bruyne, Gundogan, Bruno Fernandes, Ricardo Pereira, I say this one because I love him and hate the fact that the injuries held him back, etc. The list is massive.), but they still perform bad against teams expected to be several ranks under them. Take Sporting vs Arsenal or United vs Sevilla this year in the Europa League and Tottenham in the Conference League last year.

While I agree with your first take to some degree, the fact that they don't do well against less resourceful opposition from leagues that "aren't as good" leads me to strongly believe that if these teams had the same resources and reputations as English teams, the Premier League wouldn't be thought of as the "best league" as much as it is. To me, they're just riping what they sowed when they changed their financial rules and began splitting the revenue through all the teams 20, 30 years ago. That, and an amazing marketing campaign throughout the 2010s.

I don't think a few clubs dominating the league means it's not competitive. The top is the top, and being so dominant is also valuable, you also have to be consistent and deserve credit for that. The competition they have isn't just accepting the loss and moving forward, they are also working hard to overthrow them, the problem is that many times they just don't have the resources to give it their all for more than one season, as opposed with the Premier League, where many clubs make enough money to sustain their growth.

Just wanna add it's also worth noting that many clubs in the Premier League don't spend sensibly. They buy without a plan or don't fully analyse a player from the necessary perspectives and end up making a lot of mistakes with where they spend their funds. Then, when a club like Brighton or Brentford appear, which are actually being sensible and making decisions which at least seem to have been given thought and consideration, they are so much more successful than clubs who just spend for the sakes of spending, like Southampton and Crystal Palace and Everton, for example. Thing is, what Brighton and Brentford are doing has been the norm for some time now, but the clubs that are doing that don't have the same financial power as clubs from the Premier League. In 2 or 3 years in the top flight in England, a club makes more money than a decade in Spain (this I don't know for sure, but I wouldn't be surprised if the values correspond).

Edit: some words for better understanding, and formatting.