Teams like the Yankees, and Boston, do that for a season in order to get under the threshold. There are consequences which reach into drafts, the ability to play in the overseas market, and things of this nature; so many tiers to it. Once the team resets, you will see the spending start again. Boston did and said the same thing, you'll see them spend again (maybe even this coming year). The market is very important, of course, but it is the network. NYY has YES, Boston has NESN; this is additional revenue streams above and beyond what the teams receive (that other teams do not), they can't afford for the revenue from these to go down.
I heard this for the 2018 season when the year prior as a young team made it to Game 7 of the ALCS. They did nothing to improve the team but got under the threshhold so they could spend big in 2019 for Harper and Machado. That did not happen.
On field product first, then profits. As long as you aren't going bankrupt, you have to spend if you own a sports team. That's just how I feel.