I honestly think a 2 point deduction is on the lenient side of things.
Think of it this way Everton and Forest signed players and had the money to pay for them, they just went over what's acceptable to lose over a time frame.
We signed players and weren't able to pay for them and possibly never would have been without promotion (and Dozy).
The transfer embargo on us was to obviously stop us hurting other clubs by signing players we couldn't afford but the actual punishment is a points deduction.
The EFL could have issued a points deduction in the season we were promoted but likely realized that the best chance of other clubs getting repaid was for us to get promoted, so no sense in risking the potential of railroading/demoralizing our promotion charge that season.
By deferring the points deduction to next season it's the best outcome for the EFL, for us, and for the clubs owed money.