Arsenal's biggest problem every season are their poor mentality. They start every season looking real strong for the last three seasons, but as time goes on, they get shaky, and shakier. Another problem that they had was squad depth, which was fairly solved in this transfer market. They got Mikel Merino, Sterling on loan, Calafiori the Maldini regen, they also got Timber returning from injury. Their squad is looking really solid right now, and I agree that they can take on any team right now and beat them.
In the EPL thier squad can really compete against any team but in Europe there are still teams who they will likely struggle against. Though Arsenal squad now is really tight even during injury woes they can still scale through much more better than last season.
But you also have to realize that they still aren't the best team in the league, Man City have always been more consistent, and Liverpool always haunts them one way or another. Now they already have a draw, which was a home game, which they definitely should have won to start the season on a high note, but yeah draws are negligible.
The draw against Brighton was somewhat understandable especially from the fact that Declan Rice got a red which literally affected them and not ignoring the fact also that Brighton defeated Manchester United a week before that and though getting a draw against them in a 10 vs 11 is understandable.
Though this doesn't mean they can't do better to win against all odd of being able to still compete against teams even if they are one man down.
Also I think while Arsenal might not have been much consistent than Manchester City, they have much improvement these past 2 seasons especially the most recent, which shows a sign improvement while comparing both Arsenal and Liverpool, I think Arsenal is even more consistent than Liverpool especially how Liverpool ended up finishing third after being like the title favourite among the 3 some time last season.
And UCL has more games now, so that will be a problem too. If they want to keep up with both tournaments, they have got to be more resilient than they were in the past, and that can help them go to the next level, and they can start winning big trophies too.
-Edited Out-
9 hours ago they uploaded Inside training video, Sterling & Neto really looking sharp, keeping Mikel Merino on the left side of midfield is just unbreakable.

I guessed this was also among the reason they got Sterling to support Saka, is good to see these players looking sharp, I hope Sterling do well and then they have to sign him permanently from Chelsea.
There would definitely be some many matches, which means more opportunities and it's up for these players to prove themselves on why they ought to be regulars on the team