Sure, he is in reactive mode, which is the problem. If dominos fall elsewhere and he can grab a player late (after the season starts) he can put in a low bid.
Proactive is getting in players needed prior to a season starting.
The transfer policy nor the club's ambition have changed. We know that Kroenke doesn't care about winning a title, hence the extension. The curious part for me is why Wenger signed it. Surely he knows he can't win a title with the squad he has, yet he doesn't really use the funds available to give him a chance to do so.