He's had a fairly poor season so far and his attacking threat has been minimal. (0.03 xG and 0.06 xA per 90 minutes - way down on last season's 0.13 and 0.17.)
To put this into perspective, his xG and xA data this season is identical to 2 other players - Eric Dier and Marc Cucurella! It's less than Sven Botman, James Tarkowski and Mason Holgate (amongst others).
So I think Cancelo's being massively overhyped and at £7.4m, I really don't see the attraction.