This can be put very simply. The owners set out goals for the season after a discussion about what can be achieved with the finances available. That's how it works. This season the goal will have been survival, last season the goal was promotion. Mowbray has achieved both of those goals in his only full seasons at the club, fairly comfortably too it must be said.
Judge all you like on the relatively minute detail. It's pointless in this context. The choices he has made have achieved what has been asked of him, so he's earnt the right to continue. If he had a different remit, he may have made different choices. Who the hell knows... Fail to reach the goal next season (or not look like achieving it halfway through) and it's a different story.
If you don't agree with the goal that's set out or TM isn't financed properly, place the blame above Mowbray's head. If the goal isn't met due to tactics, motivation, coaching, whatever else, place the blame on his.