There is a significant opportunity for Arsenal to secure a spot in the UCL, but it will always be considered their greatest achievement to secure a UCL spot at any given time. It has become the main concern by people caused by arsenal has no winning mentality to win the trophy.
By observing the frequency of Arsenal's inability to secure trophies, it becomes clear that they were often just a few steps away from victory. I think that arsenal didn't have mentality to make it happen caused by this is the main problem that will never be solved.
With their growth in three latest seasons and a runner up position in the last season, Arsenal will not satisfy themselves if they only complete this season with a UCL spot. They are aiming at the first position and their players actually want to win a first Premier League in their career. Many of Arsenal players did not have that trophy lifting feeling except some players transfered from Manchester City like Zinchenko or Gabriel Jesus.
Arsenal will have bigger challenge from clubs like Aston Villa and Tottenham Hotspur in this season so seriously, they will have to keep their eyes on those competitors, first to secure their spot in top four before can think of Manchester City and Liverpool. I agree that if Arsenal play carelessly and drop points, they will fail in the title race and might face with risk to be kicked out of top four. Many clubs want to join top four and they are not weak teams.