I think Bayern is still slightly favorites against Arsenal, Bayern has never failed to advance to the next round when they met Arsenal in the Champions League (4 times).
Arsenal might get 3 points in the 1st leg but most likely they will be eliminated because of the aggregate goals at Bayern home in the 2nd leg later.
From head to head both teams so far, of course, we cannot deny that Bayern Munich is very superior to Arsenal, and even in their last meeting in the Champions League Bayern Munich managed to destroy Arsenal 10-2 on aggregate at once it became a record of poor results Arsenal got in the Champions League, it may not be ethical for us to underestimate Arsenal at a time of their current rising form in the league, But to be honest we can't expect more when Arsenal have to face Bayern Munich who have been quite tough in the Champions League
The first leg of the match will be played at home to Arsenal and reportedly Munich fans are banned from watching the match due to a violation by Bayern fans against Lazio some time ago, I think without the support of the fans of course the mentality of Bayern Munich players will be a little down because the Emirates stadium will certainly be full of Arsenal supporters, I think the only chance Arsenal can qualify for the next round of the Champions League this season is By Scoring as many goals as possible in the first leg when playing at home, because Arsenal in the second leg will definitely be difficult for Arsenal to beat Bayern Munich in allianz Arena.