I was actually really surprised to see that odds on Arsenal winning are 2.6. It's pretty big odds given the fact that Arsenal is on a winning streak lately and they can't afford a slip-up if they want to become the champions in the end. That being said, the most important game for the title will obviously be against Man City on April 26th. There are some more "serious" opponents like Newcastle, but the game against City will be the biggest one.
With these odds, it's actually very reasonable because the opponent that will be faced is also one of the big teams in the EPL, namely Liverpool. Even though Arsenal's status in the match will be guests at Anfield, Liverpool still have a slight advantage in terms of odds. So I think Arsenal deserve those odds and betting on an Arsenal win is much more convincing than betting on Liverpool.
Regarding the match against Manchester City in the last week of April, it looks like it will indeed be a significant point differentiator, regardless of who will win the match. I don't see Newcastle as a threat to Arsenal, but Mikel Arteta must be vigilant if he wants to achieve full results against Eddie Howie's squad later.