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I'm afraid a draw in this match will not suit either of these two teams, because then they will make Liverpool almost champions, because Liverpool will not miss such an opportunity presented to them. Both teams realise that this match must not end in a draw, for this is the match that will be the turning point in the standings
That is far too optimistic with respect to Liverpool. If Arsenal and Manchester City finish the game with a draw, Liverpool could finish that matchday with a 2 points lead ahead of Arsenal and 3 points ahead of Manchester City. That would not mean the end of the world for Arsenal nor for Manchester City. Actually, I think a draw would cause the least damage to all teams combined. But for Manchester City a loss would be very painful. This could make the decisive difference eventually.
But the season wouldn't be over regardless of what happens. All of these three teams have a win rate of roughly 2/3. I can't just predict that win rate into the future, but I do think it makes sense to look at it and think about whether or not it is realistic that the leading team after this matchday will almost safely win the PL. No, I don't think so. There will still be a draw and maybe a loss for all of them. Or maybe not a loss, but probably draws.