I don't think so, this is all different, Arsenal has improved a lot better while Man City was left with several players, in terms of strength Manchester City is still strong but Arsenal should not be underestimated.
Last season, the competition between these two teams was very fierce, and so is this time, I think both teams still have the same chance to win this match and win the first title this season.
The two teams actually still shouldn't be underestimated next season, because both of them have also made changes for the better. Although the other teams in the Premier League also made changes to some of their players with the same goal, namely to be stronger next season. However, according to my personal assessment, Manchester City is still slightly better than Arsenal, even though Arsenal have more young players.