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You are right, Arsenal certainly feels happy leading the standings at the moment, but they are not at all safe because the points gap with the 2 competing teams is very close. Arsenal and Liverpool are only superior on goal difference, while they are only 1 point behind Manchester City. The pressure is still very high between the 3 teams competing for the title, so anything is possible because every match in the remaining season will be tougher.
Chelsea are currently leading 2-1 at home, but the match is still ongoing. The two teams played out a draw in the first half, but Chelsea improved in the second half and they took the lead again after Cole Palmer scored. There is still a lot of time to wait for the score or result of this match, but Chelsea's chances of winning the home game have increased.
This could end in a true photo finish and while so far Liverpool and Manchester City have been known to deliver each other a fierce fight, there is now a fourth club involved with Arsenal and I think they are more experienced now and will do better than last season. It is hard to tell whether any of the teams will mess up and lose a significant number of points on their way to the last match, but I doubt that Arsenal will suffer several stupid losses this time. It was almost the same last season for them, but yet they look to be playing more stable now.
Chelsea Just finished off Newcastle I think. I don't think there that is any chance to come back from being two goals down now. But the win is fair as Chelsea was stronger in this game although both teams aren't really playing for anything anymore. It's 13 and 14 points respectively. Maybe someone qualifies from the sixth rank. I think that's possible when Manchester City wins the Champions League and qualifies for it in the Premier League.