That is not what you started out by saying. Taylor should have sent Cesc off, along with Chalobah.
Sending off Cesc, Chalobah, Aguero, and Fernandinho for violent conduct is pretty much all Taylor can do, he cannot instantly ban players for longer. That is literally all he can do, those offences committed, regardless of severity were red cards.
Fernandinho is lucky to not be charged with failing to leave the field. As are both clubs (in my opinion) for failing to control their players/staff. It was entertaining, but it was absolutely embarrassing.
Taylor was absolutely abysmal, without knowledge of what he wrote in his reports and recommended; it is impossible to tell how badly he messed up other chargers.
He's a sly coward, nothing more to it. It's frustrating because he gets away with it.