It depends on how Arsenal can improve next season, if they can improve significantly enough then they will be able to go even further in the Champions League. However, on the other hand, if they cannot improve their performance next season, then they will not be able to do much and perhaps qualifying from the group stage will be their achievement, after which they will be eliminated again by the fierce competition in the Champions League.
The team that will join their group is also something that will determine, if they join a relatively easy group, then maybe they will be able to easily qualify for the knockout rounds, but if they join the hell group it will be a challenge for them. But the draw is luck, they definitely hope they can be in a relatively easy group.
With Arsenal's performances last season, Arsenal is really predictable. That they will do well next season because there are no changes in either ahead or their quality players. Arsenal did not sell any of their quality players; rather, they are planning to add to the team to strengthen their performances for next season's competition. I can actually say that this will be Arsenal's performance in the Champions League, but there is confidence that Arsenal will do well with this type of squad they have now.
It will not be that nice for me to be predicting Arsenal's performances in the Champions League now because I don't know which competition Arteta will fully concentrate on next season. It was noticed over two seasons now that Arteta has not been focused on European competition too much because it doesn't have many quality players to be playing in all these competitions. But now I observe that he is trying his best to have quality replacements for its players, and that is what made him even go far last season. As next season is about to strt again, he is trying to sign more quality players so that it will not be a problem when injuries happen to some of its players.