I am very doubtful in terms of head to head because Bayern Munich is too strong for Arsenal, is it possible that Mikel Arteta will give resistance to Bayern Munich, with the tactics he has because Arsenal is not that strong to face Bayern Munich, it is likely that he will have difficulties when playing at home Bayern Munich, we know that the Allianz Arena is a scary home for the clubs that play there, so it is not surprising that every club will experience defeat there.
Taking into account the fact that Bayern is far from what it was before, I would say that the chances are approximately equal. At least in London, Arsenal will be the favorite, and in Munich, Bayern. Historically, Bayern has priority, but as you know, it is not history that plays on the field, but the players. If we think strictly logically without paying attention to brands, then I would say that Arsenal looks like an easy choice to bet on, because this season they are more stable and have not had any obvious failures, while Bayern had all these problems and continues to have them.
In the first leg match Arsenal must be able to win the match and be able to score more than one goal if they want to qualify for the next round because of course Arsenal will have difficulty playing in the second leg match playing at home to Munich, Arteta must be able to take advantage of this opportunity to qualify for the next round. only he knows how to beat Munich, which is actually the strongest team in the UCL, that's why many people say that to become champion in the UCL you have to get rid of Munich and Madrid so everything will run smoothly.
This is Arsenal's chance to get rid of Munich if they really want to show their best strength in the UCL and I think the strength of both of them is clearly the same so for anyone it will be difficult to predict the result because both of them are equally strong, but don't forget that Kane as a striker in Munich has been playing for a long time in the English EPL league, of course he knows how to score a goal against Arsenal which might help Munich gain the upper hand against Arsenal even though they are playing at Arsenal's home ground, it seems that Munich will play their best to win.