Absolutely. The O's margin for error was so slim. For decades they drafted poorly for a below average (at best) farm system, so when they did spend money the new acquisitions weren't supported by a pipeline of low cost productive major leaguers. And then throw in the fact that GMs (mostly Duquette) often raided the farm system in trades to "go for it" without any plan to replenish the system.
I'm encouraged by what I've seen from Elias so far. He seems to be building a deeper, healthier farm system. We'll see how well he invests money.