Considering there's absolutely no nuance in most Yankees discussion, and both camps default to extremes, allow me to state this plainly right up top: It's ridiculous to claim the Yankees "don't spend," but it's also unfair to ignore the reality that they get outbid. Often. On their top targets.
While bidding for Juan Soto, they got edged out by the Mets in present value, but blown away in perks, bells and whistles. Even ignoring all the extra goodies Steve Cohen threw in, their final contract offer was lower than what the Mets came up with. It was hefty, but it was lower.