You are spot on that Farke was orders from Board and their sporting director Stuart Webber. Webber picked Farke and their clearly agree on the club policy of not over spending.
Their players will be better for their experiences this season
3 years ago Norwich were days away from entering administration due to overspending in their PL days and not getting back at the 1st time. They sold Maddison to Leicester and Murphy.
The board under Ed balls and Smith have had to made cutbacks. Webber was brought in to oversee a completely restructuring the football side of the club into the scouting, recruitment, academy and cost of signing players. Under Webber and Farke they have signed some quality players from Foreign leagues like Pukki(free), Buendia, etc. Plus bring through academy players like Aarons, Lewis, Godfrey and Cantwell.
Aarons and Lewis have PL interested from clubs with the Premier League.
I would keep Smith as he knows the championship and I would replace their sporting director who was behind majority of these signings at Villa this season