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I'd assume most of those academy players are under 21 though (or there are academy players under 21) so they'd still be eligible for PL games (U21s don't need to be named in the PL squad).
The thing is that later in the season clubs won't be able to postpone matches if they have injuries but at the moment you can do what Everton did and just make up a few injuries and have a game called off. If injuries and international call-ups don't normally count then I don't really think they should apply now.
aggi-
I think 3 or 4 of them were under 21 (Alves is 16). It still wouldn't give us enough for a PL matchday squad, unless we were expected to field academy players who haven't trained with the senior squad. Of course, that might be a reasonable thing to do for all clubs, but my point was that tomorrow's game hasn't been postponed because Leicester are playing the system or because of Afcon. We genuinely don't have enough players who can play.
Markyboy
The reason Leicester could go ahead with the FA cup tie against Watford on Saturday was because they could name eight (academy) players in the squad, none of whom are eligible for PL games. And, even then, the bench was only made up of seven (rather than nine) substitutes.
Of the named PL squad, Leicester are missing 16 players from a squad of 28 - Soyuncu, Evans, Justin, Fofana, Bertrand, Ricardo, Thomas, Vardy, Daka, Ihenacho, Amartey, Mendy, Ndidi, Soumare, Dewsbury-Hall and Castagne - through Covid, injury or Afcon. This leaves them with 12 players, 3 of whom are goalkeepers. Whether or not the PL is a "walkover", I'm not sure how Leicester are supposed to fulfill the fixture with Everton.