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Arsenal this season is a little different and better than last season so I am sure this match will be difficult for both teams and Arsenal even have a chance to hold on to a draw or win this match.
I see the unstable condition of the Manchester City team because they lost several important players due to injury, this will be very detrimental to them.
And in terms of motivation the two teams are not much different, now Manchester City and Arsenal are both fighting for the title and Arsenal is even currently at the top of the standings.
I agree with you, but don't completely agree when you say Manchester City is unstable. Manchester City's performance this season is no worse than last season, meaning they are still as good as last season even though they lost several important players from the start to the middle of the season. De Bruyne and Ederson are likely to miss the match against Arsenal, but I don't think that's a reason to underestimate Manchester City.
The home game is an advantage for Manchester City against Arsenal, so it makes no sense to have Manchester City underestimated just because Arsenal won the previous home game. Arsenal's probability of winning is not higher than Manchester City's, nor is a draw, so Manchester City is still the favorite at times.