Yeah definitely, I would say part of credit should also go to Arsenal board members for believing in the process and patient throughout. It's the sweet result which we are enjoying right now. It's a slow process but it does makes the team strong and confident in the end which is a trait of a world class club. Even if Arteta doesn't wins Premier League I am fine with it as I know in future he will eventually bring us a PL for sure if not now.
It's too soon to equate Arteta with Wenger because after all, Wenger has a long history at Arsenal but for Arteta I think Arteta is just starting to be successful. So yes, it still needs another good result to level Arteta with Wenger who then you can call a legend.
But apart from that, Arteta's success is in daring to create a young squad for Arsenal and also, the process to achieve this success has taken quite a long time too at least from last season. So yes, this season Arsenal and Arteta deserve an award.