Arsenal are very capable one and probably the next strong team after City right now. I am really hoping for Arsenal to win here but it won't be easy as City has taken a defeat in last game and they will be very careful and determined to try to win this game as well.
Let's see who wins? 
If I'm not mistaken in important matches these two teams have only lost once - Man City in the EPL to Wolves and Arsenal in the UCL to Lens.
In the English league Man City lost 1x while Arsenal drew 2x, Yeah this is not a bad result for both of them but it is as a more qualified team especially Man City they will definitely believe in visiting the Emirates stadium headquarters.
It is curious that the odds are not much different because Arsenal can still be favored at home.
Manchester City have lost back to back games and the both games have been have been away from home. Arsenal has just one lose to lens. Arsenal will perhaps be without star boy Saka to and that will be a big blow for gunners and Mikel Arteta.
Manchester City have won more of the head to head games when facing gunners, though Mikel Arteta has finally won Manchester City at the beginning of the season during the Community shield.
Manchester City with Pep Guardiola are deadly but in this game, I'm backing Arsenal to win the match. Pep Guardiola already making the Premier League look like farmers league.
I would see this the other way around. Manchester City has just lost in the League Cup, which isn't too important to them. Then they have lost one Premier League game, which was not very nice for them but sometimes it is undeniable, and then they had an important win against RB Leipzig in the Champions League. Arsenal, in contrast, could lose two extraordinarily important games in a row. The one against Lens was an important one and I am sure they did not expect to go home with 0 points. It makes group B more interesting than they could wish for and none of the opponents can be underestimated when they play at home either. There is a lot on the line for both teams.