Elneny a stop gap, why bother buying him then? For me Elneny was enough as we have Coquelin as well, I don't mind an extra DM but it certainly isn't a priority, a striker and CB were a far more pressing requirement, I would even list an out and out winger above the requirement for a DM.
Yes IMO, because he wasn't a household name whether you accept it or not and 33 million is a lot of money for a player of that kind, especially given we have more pressing needs in other positions and could have used that money to bring in a top player (and now our budget is more limited). Xhaka is worth no more than 20 million in out current state because we weren't desperate for a player in his position.
As for shelling out, well of course now we've spent 33 million shelling out another 40-50 million would be very unlikely because the club don't really want to spend a lot.
At the end of the day I don't trust Wengers' judgement in the transfer market, so fo me 33 million spent on some guy I don't know isn't good business.