Morata is generally consistent and getting around 12-15 goals per season in addition to a number of assists. As a leading striker, he is underwhelming as he's not a 20+ goal striker that you would rely on. However, as a 2nd/3rd option, 12-15 goals is not a bad return. Keep in mind our second top scorer in Serie A last season was Lukaku with 10 goals. Lukaku and Dzeko had just under 20 goals between them. Morata does have good movement and is an intelligent player. Being in a 2-striker system and not being counted on as the main goal-scorer would suit him better imo.
I'm not defending the management in this choice. I'd much rather we take a 'riskier' and young option but pay more. However, I don't know if rumours about Balogun are true in that 40 million would be enough. Even with 40 million, I can understand the scepticism from management. We're essentially in a situation where we cannot afford to make a 'bad investment'. For Balogun moving from a mid-table French team to Inter would be a big jump that could backfire. Having said that, I still prefer that option, especially as we already have Lautaro and Thuram.
However, I understand the management perspective. Thuram himself is also not a sure thing. If we cannot get rid of Correa, that's another risk as the guy has not shown anything for us so far. From that perspective I can understand that Morata does offer some 'guarantees' to the management. Yes, he won't score 20 goals, but he does have some positives: big-game player, consistently scoring 12-15 goals a season, good movement, etc. He's also not a player than demands a starting position.
The negatives are the fact that it's not a long-term investment while we would give him a big long-term contract. He's also not a player that's going to improve much from what we already know about him. However, if we can't get Balogun, I still think Morata is a better option that guys like Beto or Scamacca imo. Scamacca may have the talent/potential but the guy just spent most of last season injured or not playing and should only be considered as a loan option. Even then, it should be to replace Correa, not to be the 2nd/3rd option.