Manchester City have disadvantage in their race with Arsenal. They have 5 points less, have to play in Champions League but they will have one big match with Arsenal. If they fail or just can not beat Arsenal and have a draw, they will see the trophy moving away to Arsenal hands.
Well, City are still in three competitions, and have the opportunity of winning three trophies this season, i don't know if i will call that a disadvantage, it is a dream position that every club would want to be in, competing for trophies in the final few months of the season. Having said that, i perfectly understood your point, as you were talking solely about the EPL title race, thus you are correct, Arsenal have only the EPL to compete for, they are out of every other competition, and that definitely means fewer games to play. City players would be affected by fatigue in the EPL title race, but they have a good squad depth, and Pep is going to rotate quite a lot in these last few weeks, so they might still come out on top.