European countries were not allowed to bid for the 2034 world cup at all.
The 2026 world cup will be held in North America and the 2030 world cup will be held in Europe, Africa and South America. Due to FIFA's rotation policy, countries from these continents couldn't bid for the 2034 world cup.
I really like this rotation because with change of policy now every continent have equal right of hosting this mega event, and we can also bring good increase in fan base which will surely help for the development of this game which is already touching new highs in last few years but still it's good chance for the Africa and South America which were not able to have hosting rights before this policy and power monopoly which were controlling all.
It is called the "WORLD" Cup and as the name implies, every country of the world is very eligible to host the tournament provided they have the social and economic power to do so. Asia as a continent have hosted the World Cup on just two occasions and that was in the 2002 by Korea/Japan and in the last edition that was hosted by Qatar which was 20 years later after the Korea/Japan. I don't find anything wrong with Saudi Arabia getting the 2030 hosting rights.
You are right in few things but still now it's never been easy to host any mega event specially FIFA Soccer World Cup because it's one of the biggest sporting event and it needs huge funds with many things which are not easy for any country to do so with this new format we can have good chance for few countries which are improving their structure and changing things can host event with the help of neighbouring countries.
We have few events which ended with good success and this could be surely great development even I believe Saudi Arab can host alone as well but if they are having co-hosts this will good chance for countries to have share and enjoy this without any big trouble.