What you say is true, especially since Arsenal are the current most FA Cup winners with 14 trophies, so the FA Cup is not a priority because they have won it so many times. But it's different when we talk about the EPL championship, Arsenal last won the EPL championship in the 2003/2004 season and if you count it until now Arsenal have not lifted this trophy again for almost 2 decades. So Arsenal's focus this season will all be given to bringing home the 2022/2023 EPL championship title.
Talking about Arsenal's point difference, it is still quite difficult for Manchester City to catch up with, especially since they have one game less advantage. Moreover, at the beginning of February, Arsenal will be quite easy, namely Everton, so it's easy for me to guess the direction of the match later. For the European league, I have no doubts about Arsenal's current squad, for sure they will remain consistent like the results achieved in EPL matches.
I agree, they are basically what Real Madrid to UCL, but Arsenal to FA cup. The only thing that matters to them is to get a title, they haven't won a title in premier league for so long, I do not even remember last time they won a title to be fair, it must be way way back. They even had amazing seasons during Arsene Wenger period and still couldn't get a title for so long, only because of unlucky periods where others were better.
So, this year means a lot for them because it means they could end up with a title decades later and that will be a sweet victory. Doesn't mean they will be this good next year neither, there is no guarantee, so they need to play very carefully to win this year or maybe they won't even have a chance again.