I don't think Saudi Arabia has any intention of competing with European football because to be honest it's not that easy. But putting pressure on other Asian leagues is a genius observation. Plus, Russia might join Asia in the future.
Slowly but surely saudi gonna be one of major football league in the world. Saudi has intention to make its league to be equal as european league. That's the main reason why saudi was asking UEFA to include the winner of SPL in the champion league.
Precisely this is the mission of the Saudi Pro League to become a league that is on par with leagues in Europe, with so many European players joining Saudi Arabia, of course it is not impossible that the Saudi Pro League will be on par with the Italian, English, Spanish, etc. But that does not mean the popularity of the European league will be beaten by the Asian League.
The main mission to help saudi to be considered as a potential country to host 2030 world cup. So much news has been also publishing this in the past.
Any league can co-exist. There's no need to beat each other.
Btw, It all started with a Ronaldo, he was the first one to join Saudi Pro League before they got involved in massively recruiting European Players to increase their rating, popularity, give them more money, Economy, social media and much more in Saudi Arabia . To make the Premier League, La Liga, Bundesliga and others the worst or less competitive without bigger star players, I think this is an overblown fear. Because I think the stock of star players in Europe never runs out.
Your argument doesn't make sense. European league was always producing the new star players. Ronaldo was old and saudi club becomes a retirement place for old player like ronaldo.