This hasn't really ever worked out for anybody though. Buffalo tried it when they had Reinhart and Eichel, and it failed. Toronto tried it when they had Matthews, Nylander, and Marner, and it failed. Jersey tried it, and they failed. Edmonton did this for years through the Yakupov, Hall, Nugent-Hopkins, etc years, and are doing it again now through the Drai/McDavid years. Adding highly talented but inexperienced players does not fix a basement-dwelling team overnight. Teams that behave like it does are the boomerang lottery teams that end up firing their GMs for "mismanaging" the roster. It puts too much weight on the shoulders of guys that aren't ready to carry it yet, and then they get blamed for not elevating a lottery team into a cup contender overnight when their GMs go all-in.
Who is NJ's core? Hughes, Hischier, Bratt, and ... Mercer maybe? Beyond them I just see a bunch of mercenaries and JAGs. To me, they came out of a rebuild with some really good players, but no team, and no long-term security. Their prospect pool is pathetic right now. And they tossed Nemec and Hughes into the deep end, expected them to be all-stars right away, and potentially ruined their long-term career prospects.
If you are a team that bottoms out, your best bet is to stay the course, even if you get your franchise stars in the draft. Let them work it out. Keep your assets, fill holes cheaply when needed, and keep the runways clear for your young guns to take the mantle. Patience. It will take at least 5 years. It worked out for us, it worked out for Florida, it worked out for Tampa, and so on and so on.
I guess it's not fair just to put it all in a box and say one way fits best for all. 3 of those 4 teams you had listed did a terrible job of filling out the bottom 6 and the backend/goaltending.
Toronto thought it was prudent to blow a massive percentage of the cap on a Tavares in free agency instead of building below Matthews/ Marner/ Nylander and heavily neglected filling out their defense with any sort of push back, and the goaltending was pretty pedestrian up until recently where I feel like it's passable. But they also neglected their bottom 6 or formed it poorly.
Edmonton had a bit of other issues mainly in the net and then also with unfortunate injuries to Klefbom + Nurse really cratering, goaltending was terrible they really tried to piece it together with Campbell, Koskinen, Skinner and Talbot. I don't think they had any say in missing the playoffs though once McDavid arrived, but I guess they could've focused more on their backend instead of chasing Puljujaarvi and Yamamoto, but still they kept their draft picks or at least had 1st rounders all but 2 years since getting McDavid and those are recent years. Most of their mistakes were contractual, which they shouldn't have been when they have Connor McDavid even if it isn't a great market. They really haven't much solid of a bottom 6, shut down ability, or goaltending. I think those are 3 things are things you can fill through free agency or deadline trades (aside from a top defenseman) pretty easily.
Jersey's kind of in the same boat but they have less up front than the other two teams, and a better backend. But still lack a bottom 6 with some sort of identity and good goaltending.
Buffalo had some other issues pop up with ROR wanting out essentially, Eichel's injury issue causing a rift, etc. But they pretty much didn't have developed defense until they did, and have never had a good bottom 6 until recently where they made the playoffs which was in large part to a noted "overpay" for Ryan McLeod and bringing in guys like Malenstyn, Carrick, etc. It also helps that they finally let their defenseman develop a bit more and insulated them.
I think while going through most of those teams they all lack 2 or 3 of the following: Developed defense that can actually play tough competition and isn't just out putting up points, an identity within the bottom 6 that you can rely on, average to above average goaltending. That's kind of what I was pointing towards. I worry about a team like San Jose running down the same course because they are built from the front out. Now they have good prospects in net. They have a couple of ok prospects on defense. They probably should look to solidify the backend above accumulating more talent. I know it's really early in a Celebrini's career or a Smith or a Chernyshov etc. but you're going to get to a point where it's much much harder to fill in those holes because guys are going to get contract.
I think a team like Chicago is honestly best set up to make a run in the next 1-2 years if they add some firepower up front. They aren't going to get more out of a 4th overall pick than they would out of a top 6 forward right now with how their pool is.
I don't think either of these philosophies are wrong, but I'd rather not wait until the superstars are paid like superstars to start being a bit more aggressive. The main consistency of almost every cup team is hot goaltending, a bottom 6 that makes things miserable on other teams (Florida is more of a collective effort on this one).