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Luton Town might be having poor time in PL right now but that is no reason to undermine them at all for Arsenal. Arsenal are enjoying a good lead on the table and are on the top of the table. So Arsenal wouldn't want to lose that lead here and Luton on other hand would be trying hard to get some points on the table for change so to be honest Arsenal should go all guns out and no mercy against this fixture. There is no point to relax right now in this game. Hopefully Arsenal will win this easy match and register another 3 points to their account on the table.
Of course, that's what is expected from Arsenal even when they play against teams that are weaker than others. You are right, there is no point in underestimating any team in a match because chances are every team has the ability and opportunity to beat the other team when they have the opportunity and take advantage of it. Luton is not a strong team, but it would be a disaster to underestimate them because they are also competing and winning points to stay longer in the Premier League.
Wolves vs Burnley is also interesting because both teams are fighting to avoid defeat. Burnley managed to win against Sheffield in the previous match and that will be a big motivation for them when they face Wolves. On the other hand, Wolves have been in unsatisfactory form in the previous two matches and that is one of the reasons why this match is interesting.