Negative. No club has had the roster contruction and spending of Milan, to come up so short, so consistently domestically.
We have fewer titles than Inter and significantly less than Juventus. That just should not be the case with the teams we've had throughout the years.
Your initial remark was not only about domestic titles but even then, the statement is not true.
There are many clubs who have spent much more than Milan has and fell short, both continentally and domestically.
Also, Milan is not known to be big spenders, never were. In Italy, teams like Inter are known to spend more. Our transfer record is in the 40m's for Bonucci, whereas Inter broke the transfer record for Vieri and Ronaldo and always had big names. Juve also spend crazy amounts, especially in recent years but have been more disappointing than we have ever been when we have spent money.
Chelsea, Barca.. etc. The list is very long. In fact if there was any correlation between spending and winning then most teams don't win nearly as enough. If your comment is a out star studded squads, rather than big spending then I can say that the last time we had such a squad was under Ancelotti and we have done as well as any other team who had star studded squads in their era of dominance. Even then, we were not the only power around, not domestically nor continentally.
Every club had long periods of under achievements, including Real Madrid and their Galactico era.