While you’re not wrong, but for me personally I felt Dubas was too generous with giving in to what Matthews, and Marner demanded (lesser extent Nylander - although he did set the tone by sitting out).They didn't lose Kadri due to cap space.
Torontos cap flexibility, assets, etc would have not been impacted if the cap kept rising as expected but Covid ended that. The NHL cap should be 90-95mil right now but Covid froze it for half the Leafs prime contention window.
Kane/Toews both signed after their ELC for a few % less of the salary cap and went on to win 2 Cups.