Pep isnt the sort of guy imo to go and spend 3/4+ of his budget on defensive and holding players, he wants to play this slick wonderful attacking possession football which is fine but you aren't going to win much if you cant defend.
I dont think he will do what he needs to do because its not where he likes to spend and focus on. Is he going to go and spend £150m+ on another new GK, 2 full backs (at least two unless he wants no back-up as some of the current ones are out of contract?) a holding mid plus anything else he wants?
I have no clue what he'll spend on, but I do know not signing FB's above all was a huge over sight over the summer. As well as relying on the oldest squad in the PL with many players past their prime to stay injury free, with Gündogan on top of that. Defintely a poor job of signings overall this season. Don't think anyone saw Bravo being a flop in his first season considering he was one of the best GK's out there prior to joining Man City based of his consistent & stellar performances for La Real, Barca & Chile. Not to mention coming off a great Copa America performance after his skaky first two games. Stones is a long term project as well, but I digress.
Either way based on his history of purchases, he definitely also spends on defense whenever possible. Going off transfermarkt's figures here:
At Barca B his only signing in his run to promotion with the newly relegated team was a full-back for 500k.
At Barca he signed Pique for 5mil Dani Alves for 35.5mil, Maxwell for 4.5mil, Chygrynskiy for 25mil, Mascherano for 20mil, Cáceres for 16.5mil, Keita for 14mil, Adriano for 9.5mil, & Henrique for 8mil.
That's a total of 13mil spent, compared to the 203.5mil he spent on offensive/attacking midfield players. 9 defensive signings to 7 offensive signings. Offensive signings have always, & always will be the most expensive players. Pretty decent balance that imo.
At Bayern he spent 101.5mil on offensive players, 102mil on offensive signings. Nearly dead even. Total of 5 offensive signings & 8 defensive signings. That includes spending 37mil on Vidal, 28mil on Benatia, 10mil on Bernat, Alonso for 9mil, Kimmich for 8.5mil, Ulreich 3.5mil, Reina for 3mil, & Tasci on loan for 2.5mil.
Then we come to Man City. He spent 105.5mil on defensive signings (granted, it's arguable what you classify Gündogan as) & 107.5mil on offensive signings. That's 5 offensive & 5 defensive signings. Which include, 55.6mil on Stones, Gündogan for 27mil, Bravo for 18mil, Rulli for 4.7mil, & Mari for 200k.
So all in all, it's clear Pep places a priority on defensive signings & has through the entirety of his career. Don't think there are many managers out there who spend 3/4th's of their budget on defense unless their attack is completely settled & proven. Especially considering that at the end of the day, it's the best attacks & goals that win you games & keep you in contention for titles. I mean, you only have too look at the CL qualifying teams's in the top 5 leagues to see the pattern here. Each team who's the most goals in their respective league is qualified for the CL as of right now. Probably a big reason as to why attackers are so expensive, scoring goals is by far the hardest aspect in football.