They do seem to be on an upward trajectory now, and it revolves getting their recruitment done properly. Although Ramsdale had his errors on Saturday, he seems to have sorted himself out properly. Their defence appears solid now that they've given Saliba a chance to partner Gabriel. If Tomiyasu and Tierney can stay fit, they have good full-backs, with Zinchenko able to deputise.
Midfield will probably get worked on next (Tielemans?) but the attacking players they have are really exciting - Saka, Martinelli, Odegaard, Jesus, Smith-Rowe. Vieira is a talent I'm looking forward to seeing how he adjusts to PL football. Not seen anything of Marquinhos but at 19 he must have potential if Arsenal have got him?
They seem to have a structure to their recruitment and actually signing players they've needed, as opposed to just for the sake of it. Jesus could turn out to be one of the signings of the season.
Getting back into the top 4 I imagine is the aim for Arteta. Wouldn't surprise me if they won FA Cup again or League Cup.