This is a bit deeper than FFP though, this is about deceiving, falsifying and lying to those that investigated their FFP irregularities back in 2014. An agreement was made and settled back then, however, documents found through Football Leaks and subsequently published by Spiegel showed they hid and deceived those investigating.I read / heard on podcasts that the Sheik has decided he would rather spend £50M on lawyers taking UEFA to court than on fines for FFP - can see this going a long way.
Other than that the stated aim of FFP was to ensure clubs were not at risk of going bust not sporting integrity. They need to update the reasoning for FFP.
City's only defence so far has been a flat denial and to point the finger at the documents used as "stolen". They haven't denied the documents (emails) aren't theirs just that they were obtained illegally.
But ultimately you are right about FFP, with the exception of QPR I'm struggling to think of a club that has been caught and fined that has still walked away with nothing other than a direct benefit to flaunting the rules. I think Leicester have been the biggest winners, as their irregularities saw them ultimately get into the PL, then win the bloody thing whilst accepting a fine of just £4m!! Not a bad return given the PL TV money and then followed by winning it and then getting the CL revenue too.