The most damning thing to say (beyond English teams always crashing out on penalties) is that I felt like I was watching a Newcastle game. When they come out strong under Bruce and score an early game, you KNOW what's going to happen; they're going to back off, refuse to take advantage of momentum, and eventually turtle/park the bus to try to protect a clean sheet to win 1-0. For all Southgate has done really well at this tournament, he absolutely, 100 percent crapped the bed.
For the first half, this plan worked. I think Southgate went into half time and made another Bruce-like mistake: Assuming the other team won't make adjustments. This is such a foolish mindset even playing against a lowly West Brom or Fulham, let alone a world-class team like Italy. Why wasn't he trying to adjust when the Italians kept coming at them in waves? Why not change it up with a Graelish much, MUCH earlier? Why would you EVER throw a couple of kids on with nary a kick or two between them, to then expect them to take the most important penalties in England in over 50 years? Saka? I won't put that on Southgate. He was in the game for a long time, and he probably wanted the ball. And, though I really, really loved the result, I felt so bad for the kid. He was bawling his eyes out, and my heart went out to him.
No, it definitely wasn't as if Italy overmatched them or anything. I think they just reacted negatively to protect the lead and Southgate didn't do a good job to rectify that. You're right, though, in that he is definitely the 2nd most successful.