I would say this match is very difficult to predict. There is no doubt that the Bayern Munich team is more experienced than Arsenal in the Champions League. But Arteta's Arsenal are in very good form right now. Arsenal are currently at the top of the Premier League table. Beating such a team is definitely going to be a tough challenge for Bayern Munich.

Arsenal's past record against Bayern Munich on the Champions League platform is not good. The teams met twice in 2015 and 2017. Bayern Munich won all three matches by a big margin, Arsenal won one match 2-0. Bayern Munich will definitely want to continue this trend. But if none of Arsenal's key players suffer from injuries, and if Arsenal can play with their full squad, Arsenal have the potential to beat Bayern Munich this season.
I don’t think that these games have anything to do with the way things are today. This was 7 years ago. Who remains on the teams from those times? Müller, Neuer and a couple of other dinosaurs, but that's not the point: Müller may not have changed much over the years (a lot, actually), but both teams have changed a lot.
On paper, Arsenal is stronger now, but it is difficult to predict how it will all end because Bayern knows how to play high pressing, and Arsenal plays poorly without the ball. Everything will depend on whether the players can implement the tactical plans of the coaches.