I don't think so, still remember how far the gap betweeen Manchester United points with Manchester City and Arsenal points before Cristiano Ronaldo got terminated? right now Manchester United only have 3 points difference with Manchester City and 5 points with Arsenal. There are still 14 weeks to go, so there's a big possibility Manchester United might overtake Arsenal sooner or later. What Manchester United need to do is, they need to maintain their position if they've successfully overtake Arsenal and remain in the top 1 position until the season ends.
I think that anyone shall take what happened with manchester city, city can even goes very close to the arsenal in a short time. As long as MU still maintains to perform so well in EPL and im sure that MU has probability to compete for EPL this season.
We didn't know what kind of surprise that will come at the end of season. Arsenal may also able to get another bad result like the previous matches once arsenal lose the match a few times.
That will give MU and city huge opportunity to compete for EPL. MU is still potentially to win EPL even though the club was just having small chance right now. At least MU under ten hag is always performing so well.