Arsenal aren't the same as their 2017 version anymore. They are much more competitive thanks to Arteta's management style. You should be remembering their last draw against Bayern Munich. How it started and how it ended... It wasn't different than seeing a nightmare truthfully. However I'm not expecting a similar result this year.
The reason is not only the improvement of Arsenal team. It is because of Bayern Munich's being likely to be quite unreliable with their game this season.
If you ask which one of these teams would qualify for the semi finals I would pick Bayern Munich though. It is especially due to what I saw in the Arsenal - Porto draw.

Arsenal performance and team quality at this stage of the Champions League can defeat any team including Real Madrid and Manchester City if we judge based on the performance all teams displayed from the beginning of the competition till this stage, but people are considering past glories to predict the incoming outcome which will not work this time because the quality in Bayern Munich’s team that time is not the same as today.
Remember, plenty times Bayern Munich eliminated Arsenal with aggregate during Arsene Wenger, but now that there is no aggregate, we shall see what will happen.
Arteta has coached his team with a lot of changes and maturity, together with solid defense which has brought them so far in the Champions League and to the top of the Premier League, I know that Bayern Munich coach and players are not too comfortable with the the fixture because they know Arsenal’s quality this season is quite different from their pet team and the team mentality is entirely different.
I cannot judge as some of you guys so quickly, but Arsenal can go to the finals in my own opinion.