Playing devil's advocate here about the Paragon changes
For context: I'm a VIP 18 with a handful of P2s and a single P3(Lily May). I've held my top 5 supreme arena and normal arena spot for most of the season because I was active and vigilante about anyone trying to throw me out. In my own server there's no krakens with P4s. And in the district there's only a single kraken with P4s who has held the supreme arena top 1 spot since the beginning of the season.
I've tried challenging their top 1 spot a couple times, but it was very tedious and annoying trying to come up with with a good comp every week. So I stopped trying and just stayed at top 2-5. I'm always challenged by people below my rank and am always fighting to get my spot back before the daily calculation.
My point in all of this is that, I will never overthrow that P4 kraken. Their spot has been cemented ever since the beginning of the game. It won't change now and it won't change in the future.
I've only ever interacted with whales close to my base power/spending power and I'm more worried about them trying to take me out. Rarely will I ever interact with a whale 10x my spending power cause it's pointless.
TLDR: Trying to challenge whales who've spent much bigger than you is pointless even prior to these paragon changes because since the beginning of the game they've cemented their top spot.