I think Arsenal need a good striker. If they can't sign a good striker, they can't stay strong in this race. Liverpool are in this race because of the personal skill of the manager Jurgen Klopp. When Jurgen Klopp leaves this team next season, they may never be in this race again. My assessment tells me that Manchester City are the only favorites.
Currently, Arsenal are actually quite good with Gabriel Jesus, but they don't have another great striker on the bench. This sometimes makes Havertz fill in for Gabriel Jesus when he is absent and I don't think Havertz is good enough considering his original position as an attacking midfielder. Liverpool has returned to being a strong team that cannot compete for the title next season and indeed Manchester City will be the strongest team in the future. However, I still believe that Arsenal will be a team that can compete with Manchester City in the future.
Arteta always play Havertz as a false nine in the absence of injured Gabriel Jesus while Nketiah had had drop form is benched unfortunately Havertz hasn't been very effective on that role I think he plays better as a creative midfielder, I believe this is the weakest point of Arsenal squad for now, for instance in their last UCL match against Porto the gunners could not register a single shot on goal despite all their possession that is because of the ineffectiveness of playing Havertz as a striker and is not address it could mar Arsenal chances of winning any trophy this season, though the team has different players who scores goals.