I also hope that Arsenal will win against City, but judging rationally, the probability of this is not so great - look at the previous games between these clubs. I’m not a fan of going by history, but Arsenal actually have a terrible record against City, except for the last meeting, it’s almost zero wins and almost all losses. I will be happy if Arsenal at least draws. This will at least leave City behind, and Liverpool will presumably be able to increase their advantage over both clubs. Yes, the personal meeting is very important, but there is a more or less serious distance ahead, so the rest of the games will decide everything.
This is like a final for both teams and if they lose it is almost certain that the team will be out of the race for the Premier League title this season.
We don't need to look at what happened in the past, of course this season has been different in terms of team strength and I see that Arsenal has a big enough chance to get points in this match, draw or win the match.
Indeed the match is gonna look like the finals because of the interest on that match and also if there is anything Arsenal wants to prove, this is the moment because just like you said any clubs that lose the match will be totally out of the race, however considering there upcoming matches I think Liverpool is more on a safer side than Manchester City and Arsenal because Liverpool upcoming matches will not be that strong for them to win but Manchester City and Arsenal is on a very serious situation because the both teams are very good, although at first I was thinking that Manchester City has an upper chance of wining the match but I realize that Arsenal are also in a good form.