I don't think so exactly honestly. Because if you have noticed so far, top Premier League teams are prioritizing the league title over the Champions League one. This was why Arsenal also couldn't meet the expectations completely in the previous season.
In fact, it is not like what you said, the Champions League is the most prestigious league in European competition, every club that qualifies there will try to compete with other clubs to win the title. If that is true, have you ever seen Areta field a line up containing reserve players last season when they played in the Champions League?
Arsenal failure in the Champions League is not because they did not prioritize the UCL trophy, but because they lost the competition with other clubs. That's the fact.
It is very wrong if someone says that the club prioritizes domestic competition over the champions league in my opinion that is very wrong. All teams and even individuals always want the Champions League trophy because of its prestigious value in Europe. It must be admitted that it is not easy for every team to win the trophy so that some elite teams always build the best squad to achieve that goal.