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What you say is true, but we also have to look at the performance of the two teams in the Champions League match and must be aware that the match in the domestic league will be different from the match in the Champions League. I see that Arsenal did not perform well in the Champions League, even they qualified for the quarter-finals with struggled against the Porto side while Bayern Munich were slightly better
And I think the influence of mentality is also very influential, there is a different mentality between these two teams.
I don't mean to underestimate Arsenal, but I am quite pessimistic that they can produce their best performance in the quarter-final match against Bayern Munich, their mentality is not as good as Bayern Munich's so they will play under pressure which will make them slump.
So far, in my opinion, the performance of both teams in the Champions League is equally good, but neither of them has the same experience in the Champions League. Arsenal really had difficulty getting through to the quarter-finals, I admit that but this is normal because Porto also played well for up to 120 minutes. Bayern Munich is a team with a better winning mentality than Arsenal, but this is not a benchmark that Bayern Munich can beat Arsenal easily.
Both teams will do their best in the two quarterfinal games, so I still believe that their respective chances will be equal. Regardless of the probability of a home match being better for the team playing at home, Arsenal is absolutely not worth underestimating.