Well, yes and no. I'm playing FMT on PC where I am able to load more than 3 nations - which I'm doing: top 5 nations (top 3 leagues each) plus 5-7 smaller nations with 1 or 2 leagues each. However, this does not really change this point. I'm playing Bristol City in Premier League now, but it's really difficult to find strong players - I have no chance against ManU and ManC, although I have "tons of money".
And - what I would love to do - developing my own strong players - seems to be extremely hard, although I have a very good infrastructure.
However, most probably you're right: need more