I'm not exactly Yzerman's harshest critic, but if that truly was Yzerman's plan, just wait for the prospects and fill existing holes in free agency, he should absolutely be fired (though I can't imagine that's the case). If GMing was that simple they might as well hire some idiot on HF to do the job.
I mean, finding creative ways to improve the team with existing assets is a big part of the job. If Wings fans actually think the draft and free agency alone will lift the team out of mediocrity, they're setting themselves up for a lot of disappointment. Might as well pre-emptively organize a group therapy session with Buffalo fans and Chicago fans.
I'd be all ears as to how more creative he can be. Unless the draft picks hit and the free agents you sign play up to where you thought they would be, then he's kind of stuck. They're not giving up Danielson, Kasper, Nyggard, Lombardi, Pellikka, Augustine, Cossa, or Buchelnikov from their pool. Aside from that, I would think every prospect is tradable. The issue is how much value is there in any of the ones remaining. They can't trade any of the 8 aforementioned prospects to try and just make the playoffs, because that would be a massive waste. As well, it takes someone being a willing trade partner to see value in any of the assets you are willing to trade away.
Yzerman was pretty creative in getting, at the time, Husso, Nedejlkovic, Debrincat, and Petry. That none of those players has panned isn't Yzerman's fault or for a lack of creativity. Granted Petry is playing way above where I think the Wings wanted him to because the bottom pair is so bad. Granted, I'm not sure why Johannson isn't playing, but that's a coaching issue.
The problem with the Wings, is that even if they were in contention for, and made, the playoffs this year, would it do them any good? They aren't a Cup contender and won't be for a few years still. So if the team continues to have holes in it while continuing to develop players to be ready to take over the majority of aging "holes" in the lineup, what does it behoove Yzerman to go all in to make the playoffs and sacrifice their more legit prospects.