The biggest problem of England is Southgate. He is too observative and does not react fastly with match situation. He waits too late to make substitutions and are fearful of changes or substitutions.
This is not true, at least in my opinion. Gareth Southgate has been really good thus far in this tournament, especially in his team selection and that's the reason why England have gone this far, making it to the final, coaches do not really rush into making substitutions, as they try to observe how the game is going, if it needs a substitution yet, or if the players on the pitch can still turn the game around; Southgate is a good coach, and I'm pretty sure England as a nation will be happy to have him as their manager.
England only problem is their goalkeeper. That should be your frank point. And that's why I agree if they go to penalties they are more likely to lose.
Pickford makes errors once in a while and I personally think sometimes he is over enthusiastic, but generally he is not a bad goalkeeper, and in this tournament thus far he has been good, keeping a good amount of cleansheets and helping the team when they need him, I don't think he'll be a disadvantage to England should the game to to a penalty shoot-out.