Arteta has done an excellent job since taking charge of Arsenal, he has managed to make Arsenal look better than before. Arsenal's squad is also very good, even though their average age is still young, they are able to make Arsenal always a regular team that appears in the Champions League. Arsenal's current weakness is not due to the coach's inability to handle the team, but because they do not yet have a winning mentality.
Some last seasons of Arsene Wenger, Arsenal fell a lot in quality and competitiveness and it lasted many years after that. It only started to change and improve since Arteta return to Arsenal as their head coach. If we recall, the appointment of Arteta on this head coach position caused a lot of worry but up till now, it's a good decision.
However Arsenal now are going to a new challenging period with which they need to win titles, not only to be an impressive runner-up in Premier League or only go a little bit far like quarter final in Champions League. Arteta must help Arsenal to win titles in next one to like three or four seasons. If he fails, his position will be insecure and maybe taken over by someone else.
It seems that we cannot expect too much from Arsenal in the Champions League although Arsenal have experienced a significant improvement in their current form
Arsenal are not belong to very strongest teams in Champions League to be considered as one of last four or two best candidates to win it. It's true but they are strong and competitive and in sports, with it, Arsenal can make big surprise but chance to surprisingly win Champions League is not big and barely happen. It's 20 years since a last time an underdog like Porto win Champions League.