La Masia hasn't put out any decent players since Sergi Roberto....that's their biggest issue. Their golden generation is basically done now that Iniesta is gone and they have no idea how to rebound. So they are following the Galacticos method, which doesn't IMO really work for Barcelona. They may be consistent La Liga winners, but I'm not sure if they'll compete with Real Maricons in UCL until they figure out how to develop their homegrown talent once more. Because young talents like Vasquez and Asensio are vital to long runs into cup competitions.
Barcelona in the past has not been dependent on La Masia, they used to spend heavy on players. Rijkaard was dependent on players they got in the transfer market like Deco, Dinho, Eto Rafa Marquez. Even Bayern after the Kroos,Muller, Alaba,Badstuber class has not produced similar level players. Barcelona's problem post Pep was that they tried to shoehorn players who fit that 4-3-3 or some possession version of that game. They were built from midfield and they let that side of the squad deteriorate. Real in contrast did not just follow the same old Galactico strategy, they got reasonably priced players like DiMaria, Ozil, Xabi, Benzema without really smashing records. The 3 that they did were Ronaldo,Bale and Kaka. The squad was built and the coaches decided how to utilize them, Barca is more of a first XI type team, when they are on they are on but they don't have options coming off the bench and the only time they did was in the Alexis and Cesc days and that wasn't as good for them. They whiffed on the market, they could have bought Asencio and went a different direction and Kroos too if they really wanted to get back to the Xavi type possession game.