Look at any of the top teams' squads - how many of their players were PL-based when they signed? I'd imagine our rate of PL Vs non-PL is very similar.
It's basic maths that there are way, way more players available from other countries. And frankly we can't compete for the best players from the PL. Do you think any of Grealish, Stones, VVD, Caicedo, Rice, etc would have come to us?
If anything we are better off signing from abroad, I don't remember the last time we made a top signing from the PL. All of Richarlison, Solanke, Maddison, Bissouma, Hojbjerg, etc have/had pretty big question marks over their ability at the top level.
On the other hand there is an argument that if we increased our wage bill perhaps we could compete for better PL players. But overall I think the "PL experience" argument is overplayed.