They're very good 2 deep but after Kupp there's a ton of dropoff and that includes last season because Cooks had his head in the clouds for most of the season especially after that concussion. Problem here is most defenses can handle two threats, it's having that third threat and if you're lucky a fourth that can really open things up vs the average defensive unit.
Reynolds is a figment of coachspeak IMO. He is going to have every opportunity to show what he can do this year but I'll bet he gets beat out for the WR3 position by Jefferson.
And at TE one of the problems was that they didn't have a second receiving game threat emerge. Higs emerging was great but he's more of the in line guy who it's hard to cover because with a delayed release and his blocking ability you can forget about him. Everett was supposed to give McVay a Jordan Reed threat but was too inconsistent and doesn't separate well in the pattern. This is why they drafted his replacement IMO. And for this season it's unlikely the rook can be a better option than the WR3 so I think they basically redshirt him and try to get Everett rolling.