Hi,
First off it is my understanding that Penguin is operating in real time now - so it is part of the algorithm and as such it will be dealing with spammy links on an ongoing basis. Furthermore, the latest release of Penguin will devalue spammy links and not punish whole sites. So having a bunch of low value spam links is like having no links at all. This is worth reading: https://www.searchenginejournal.com/google-algorithm-history/penguin-update/
Regarding content over links, good content is always required to rank by search engines and your website users. But in a competitive market good content will also need some quality links to be able to do well.