So? Does that make Man City not an outlier? Nope.
There are levels of 'outlier-ness' surely.
It is hard to argue against Real Madrid being the most successful club side in Europe over the past 10 years. Man City have dominated domestically, but not when they have been up against the best across Europe.
But Real Madrid are ranked just 19th in spend terms. Man City are ranked 5th in terms of overall spend, which probably fits with their overall record (domestic and european). Of course the weird thing is that three of the clubs above them are also English clubs.
So I'd conclude that Man City punch above their weight domestically, but not really when you take account of european competitions. Real Madrid just massively punch above their weight.