Leicester was an outlier but of course it's proof that even with Money being an issue (and it is) that Wenger cannot succeed anyway
The correlation between money spent and prizes won/final league position is normally quite concurrent.
Therefore i do think fans have to manage their expectations somewhat because although we can buy two or three players a season in the 30 million bracket, we cannot do that of players in the 40-60 million bracket like Man City, Man United can do.
This doesn't mitigate for Wenger's failure and it's not even an attempt to, but you have to look at Spurs who have a decent squad and a decent manager but the likelihood of them winning the title is remote. The difference is they aren't routinely humiliated by bigger sides and they play decent football.
Now i think we can clearly surpass what Spurs do as we are a bigger club with greater spending power, but there are three clubs in England who will always be able to vastly outspend us so whatever we are battling against the odds.