Not an accurate description at all. The Reds payroll has been more than double the Pirates for the entirety of the recent past - including this year. The Reds tried with Moose, Gray, Suarez, Bauer. The Reds held onto their signature star with a contract nearing his age 40 season. The Reds even got to the playoffs.
Now, as we know the whole project was a failure. And the Reds are deep in tank and prospect mode. But their path to get there is not remotely similar to the Pirates.