Arsenal though have added some new players this season and formed an injury free squad but still I am not too optimistic about Arsenal especially in the Champions League. Manchester United can do well in the Premier League but they are unlikely to do well in the Champions League either. In this case, Manchester City will maintain their continuity from the English Premier League. Manchester City have done well this season and they will do well in the Champions League next season. With only one change, Manchester City's squad is unchanged and everyone is in top form, so expect Manchester City to be among the favorites for the Champions League next season.
Of course Manchester City is still the favorite because their current strength is very strong and Pep Guardiola has formed this team for the long term from the past and now is the result of their process, maybe for the next few seasons Manchester City will still be a strong team and in favorite at UCL.
But don't underestimate Arsenal either because this team has improved since last season and of course for next season there will be many changes made by Arteta to make this team even stronger, even though they are not the favorites but I'm sure Arsenal can pose a serious threat to the favorite team.
I am not underestimating Arsenal but Arsenal won't do very well in Champions League but this team will definitely do well in Premier League. Last season we saw Arsenal came very close to winning Premier League but in the end most of the players were injured so they won the Premier League title. Paroni but as you said even if Arsenal don't do well in the Champions League the teams that are favorites can be a thorn in the side. In the important matches of the favorite teams, Arsenal will be seen as their obstacle. It is very interesting to see if the new teams do well in the Champions League, we hope that Arsenal will do well in the Champions League.