Manchester City certainly won't want a draw in this match, they will target a win to strengthen their position on the standings. Indeed, if you look at it now, of course Arsenal have had a pretty good rally because they managed to win in a row while Manchester City got 2 draws and 3 wins in the last 5 matches. For Pep Guardiola, of course this is quite a tough match for them because this season Arsenal mentality to become champions is getting ready and they certainly won't let this season's chances fail again.
However, if the scenario is like what you said, of course it would be more profitable for Liverpool because they could overtake Arsenal again if Liverpool also managed to win that week. That way, I think the 29th match is really quite exciting because we will see these teams swap places if they fail in the match they are playing.