The bottom line to go to history and record is a team don't need to be a super strong and have many impressive performances. If they have these things, they are all good but the history and records care about what are the champion team of a league in each season. Champions can be called more easily than runner-ups and value of ending one season as a runner-up is very smaller in importance and recognition than as a champion.
If anyone says Arsenal is a weak team or in other words is not a strong team, it's wrong and I can debate for proving it is wrong. Otherwise, it's not easy to say Arsenal are strong and competitive enough to win Champions League. They need to improve a lot from player quality, main players to substitutions, tactics and mentality to win Champions League. Teams like Manchester City and PSG struggled many years before only Manchester City won their first Champions League title two seasons ago while PSG are still fighting for their first title.
To be honest, we all remember the invincible, not losing a single game and still not getting the title is an achievement no team in history will be able to do again at premier league if you ask me, or at least I would not expect it.
All in all, I think it's clear that we are going to end up with Arsenal being remembered era to era, like we remember Wenger era, we remember Arsenal as a good team then, and we remember Arteta being the next in line to make them good again, and in between not so great. This means even if they end up not being great, we will remember them as not being that bad neither during this period.
Hence this is why I believe that we should be giving Arteta the credit he deserves, he kept the team going with all the problems they faced at the start, and now they are almost at the top, for two years in a row. Best thing to do about this situation would be just focusing on if they can actually win the whole thing or not, most probably there will be a trouble and they will probably not win it, but I believe that they could have a chance to win it as well if they do fine at the start of the season. Getting the lead early on could help them so much for the rest of the season.