I think Rice is excellent at what he does, and I'd agree with the poster who's said he's second only to Rodri in that role.
But I also think that fees are getting more and more inflated because teams are playing with more and more granular systems. 20 years ago if you wanted a winger you'd go out and buy Ronaldinho - he was the best one. Couldn't get him? Go for the second best one. And so on and so on. The same applied to midfielders (albeit you might broadly split them into defensive and attacking), centre backs, etc.
Nowadays, teams want much more granular types of players which naturally adds to scarcity. You may not just want "the best" centre back, you might want the best centre back who's left footed but has experience playing at the centre of a three, or of playing a high line, etc. If you get the right player for your role, that can be transformative. Teams will pay the money for a player they consider to fit the bill perfectly, as the alternative is trying two or three players at reduced cost, but none of them may fit your style properly and you may have to move them on or reshape the rest of your team, neither of which is ideal.
We've seen how well buying a good fit works at Liverpool with VVD and Alisson, at Man Utd with Casemiro, and even at Newcastle with people like Dan Burn and Trippier. City are a different kettle of fish as they can afford (both financially and because their squad is so strong) to spend hugely on players who will take time to bed in.
We've also seen how badly it can go with Man Utd prior to this season, who have signed some of "the best" players but to no system at all, and with Chelsea this year.
Obviously it doesn't always go right - some players are signed, expected to fit perfectly, but don't. I'm also not saying that there are never bargains to be had - clearly there are some around whether because a team finds an unknown, or because someone's contract is running down. But in general, the big clubs have the money to splurge on players they consider perfect for a role, and in many situations that's better than trying two players at 70% of the cost.