I think this is the case, sadly. Clubs are allowed to include sponsorship money / advertising from the owners as 'income', which means they can increase wages dramatically without any significant increase in attendances. Until the League stipulate that only genuine third party income counts as 'turnover' FFP does not have any real impact as far as I can see.
What is most disappointing is that the EFL could easily change the rules to prohibit the spending of clubs like Salford, but turn a blind eye.