Is Premier League fixture congestion destroying the form of the Top 6? Or is it just an excuse?

I don’t know about you guys, but lately I feel like the Top 6 dropping form isn’t just about injuries or players being out of shape - the fixture congestion is ridiculous. Playing every 3 days, traveling nonstop… of course the squad looks drained.

Liverpool, Spurs, United - all of them are stuck in this cycle of play-recover–play like they’re being pushed to the limit. Yet some people still say, “It’s just because their squad depth isn’t good enough.”

So what do you guys think?
Is fixture congestion really killing the form of the big teams, or is it just an excuse when things start falling apart?
I personally think the schedule is insane, but I’d love to hear your take.