I don't know about you, but for me Arsenal has a very strong squad and that's why they have been competitive for at least three seasons now, they have a strong squad just like City, Liverpool, Chelsea and United. The reason why Arsenal failed to win the title in the last two seasons is because they were competing with a winning machine in City, and the reason why they won't win it this season is because Liverpool are impeccable this season.
Arsenal are strong and competitive against many clubs in Premier League and they only lack of some very important players to help them winning Premier League title in the two latest seasons. This season looks to be not good for them in title race but if it is about a second position, it is good enough for Arsenal. I see it like it's not important that how impressive they perform during a season, their ending rank and how many points they get at the season ending means all. Perhaps Arsenal will not have anything better than two latest seasons but won't get too worse ending rank and total points in this season.
Liverpool are in top form, which allows them to win all the trophies in every competition they participate in. Liverpool priority scale is clearly in the Premier League and Champions League, but they will not throw away their chances to win the Carabao Cup and FA Cup. Of the 6 matches in three different competitions that Liverpool have to face until the end of January, I think there is no team that really makes Arne Slot need to worry. Arne Slot only needs to adjust the tempo based on the intensity of the competition, because I think they are not under pressure.
This season is likely reserved for Liverpool to be a winner with many coincidence to support them. They have excellent form unexpectedly and their competitors all have problems and very inconsistent performances. Challenge for Liverpool is being realistic about their player resource and narrow their targets in this season. They must be realistic that winning all titles in a season is very hard and in this season, Liverpool are not too strong like this so if they chase all titles, their players will be affected like too tired, exhausted, get injuries, and in the end they might not win any title.
A last season with Klopp is a big lesson for them, and it's not too far in their memory, so I hope Liverpool will learn and don't be too greedy like that and lose all.