Arsenal will have serious competition primarily from Man City... Newcastle, Man U, Liverpool also showed great results at the end of last season... So I wouldn't count much on Arsenal being able to repeat the same success as last season again... But it will be very interesting to see how the new players can help...
Manchester City and Manchester United will be the toughest competitors for Arsenal to get to the top until the end of the season because the two clubs are quite dominating and for Manchester City itself it is clear that they are the champions for the 2022/23 season so Arsenal must work hard to get to the top.
Even though having several new players does not guarantee that Arsenal can lead the standings to win the championship because the new players will actually make Arsenal have to work even harder with player adaptation and also create better collaborative game tactics than before.
Not Ten Hag and his players, but I think Manchester City is the strongest competitor for Arsenal and in fact, Manchester City has a better chance of winning the Premier League title now that Guardiola has taken over the team and the improvements they have made. In the past few years since Guardiola has joined this team, they have won the premier league on several occasions and they can win it again in the near future.