Take a look at the upcoming fixtures of arsenal. It will have difficult fixtures compared to the opponent. City and liverpool are still having chances to get the trophy at the end of this season. Arsenal leads with the same points as liverpool. There's nothing to be worried here.
We are still having some important matches to determine the result from PL this season. Arsenal is unlikely able to win the competition coz i believe arsenal will be missing three points soon.
Arsenal's chance may be getting lower if it will get draw continuously. The real test for arsenal is starting. I expect arsenal to drop some points against chelsea or united.
Nothing is impossible, Arsenal is doubted only because their mentality is as bad as in the previous season and no one knows what will happen this season, maybe they can get up and learn from what happened last season.
In terms of quality, Arsenal's team is as strong as Man City and Liverpool, so they cannot be underestimated.
In my opinion, in terms of percentage, these three teams still have the same percentage to win the title this season, the same goes for Liverpool even though they drew against Manchester United this week.
I somehow doubt your first sentence because the Arsenal of this season have shown some great difference from the Arsenal of previous seasons judging from their psychology. They seem to have done a wonderful work to improve their winning mentally and overall game management. Previous seasons, Arsenal will start the league well, maintain the top position as the league progresses but before the end of the season they will be struggling to even qualify for champions league. This season they have remained within the top position almost throughout the season, so they deserve some commendation irrespective of how this season ends.