The bookies agree and offer really attractive odds on Arsenal - many will try at odds higher than 4. No matter what I said before, I will probably be one of them
City lost in the EFL Cup, ruined its chances in EPL so I assume getting the FA Cup might become a serious challenge for them. For Arsenal, as you mentioned, they are prioritising EPL over the other competitions so their defeat here will not be a surprise tho.
The odds are very different for the FA match but I'm sure when they meet in the Premier League the odds will be even, but we always assume that Arsenal will always focus on the EPL as opposed to the FA Cup but I'm sure Arteta will always fight for this Cup.