Gareth Southgate's side were four minutes away from taking the game to extra time, after a Cole Palmer strike cancelled out an earlier Nico Williams goal.
However, Mikel Oyarzabal pounced from close-range to secure a 2-1 victory and succumb England to their second consecutive European Championship final defeat.
Spain were arguably the most attractive side at the tournament and deserving winners, while England's campaign featured a number of listless performances, with late goals and a penalty shootout victory helping them on their way to the final.
Speaking after their defeat on Sunday, Hamann was of the opinion that England stunk out the tournament and got what they deserved against Spain.
He also felt that Southgate was too loyal to certain players such as Harry Kane and Jude Bellingham, when other players in the squad could have made a difference.
"The football was atrocious," he said. "Out of the 10 worst games in the tournament, England was responsible for seven.
"With Kane, why he's not moving, I do not know. They've been behind in all of their knockout games. If you had played Ollie Watkins, it's dangerous. Palmer comes on and scores after five minutes.
"Now, imagine if this team goes ahead in one of their games. Imagine playing with Foden, you bring Eze on, you bring Gordon on. If this team is ahead, they won't be pegged back because they've got players on the bench with ultimate pace.
"They never had the chance to show it because he (Southgate) insisted on starting with Bellingham, with Kane, the same players who didn't perform so they've never been given a chance to go ahead in a game in the knockout stages because he's picked these players.
"If they had gone ahead, I don't think there are too many teams who come back against England because the pace they've got, apart from France, no other team has."
Shay Given felt that Southgate filled his Euro 2024 bench with younger players who could have been grateful for the experience, rather that the likes of Marcus Rashford or Raheem Sterling, who may have gotten itchy feet.
"I just feel like the fans in England will be looking at the squad, even Rashford, Sterling and all of these other players," said the former Republic of Ireland goalkeeper.
"I think the manager doesn't want these big name players on the bench because they'll be going 'I should be playing'. It's easier to leave the inexperienced ones on the bench."
Offering some balance, Richie Sadlier opined that the fact that England made the final is some vindication for Southgate's decisions.
"His selection, I don't think it's about blind loyalty," said Sadlier. "I think he genuinely believes that that's his most solid, structured team that means his version of how this team should play.
"They've reached their second Euros final in a row so the choices are vindicated."
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