You cannot undermine a club or rate theirs performance due to the capability of the club, because wining in football doesn't rated by how big and small is a club. So the rate of a club come from the total numbers of the wining matches, arsenal is performing quit well, but the ability of every clubs to carry a trophy it natural base on their performance of winning in every match they encounter, because i believe that no team can be ignore or regards as irrelevant club, so every club are capable of wining because of their performance and their players.
What you say is true but in this case even though Arsenal are now top of the table the favorites are still held by Manchester City and we can't rule that out.
At the moment Arsenal are still pretty good and maybe next season they can be in the Champions League but for the EPL title this is a different matter because City's dominance seems to be continuing.
In fact, Arsenal are still top of the Premier League table and there is no denying that.
although Man City, remains the favorite as the holder of the premier league. at the very least, The Gunners would defend the position they were in as best they could.
Arteta knows, he still needs some newcomers to smooth all his plans with Arsenal. Currently, Arsenal are reportedly targeting several players who entered their radar in the January 2023 transfer window. this is allegedly to strengthen their ammunition.
So far, the Gunners have only got one defeat against Manchester United.
however, as you said, The Citizens have the potential to shift the ranking that is occupied by Arsenal. so let's see, how far Arteta is able to bring his squad to remain consistent in the premier league.