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.
After playing draw in their last match against Liverpool, they won’t want to play draw against Arsenal again, just as you said, they will want a win in the match, just to improve their position, we know the match is not going to be a easy one, because they both are in form, and they are really in need of the match, Arsenal will want to win the match to maintain their first position, because if anything can happen and they drop from the first position, they might find it difficult to get to the first position back, so they will do everything possible to maintain it.
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.
Liverpool fans will want either draw in the match or Manchester city to win the match, if any of this happens, and Liverpool wins their next match, then they will be able to take their first position back, but from the way things are, nobody is confident about the club that will be winning the match.