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When the match is played with two legs, then of course there will still be a chance for the team that lost the first leg. After all, the team that lost in the first leg also at least has the quality to make a comeback in the second leg later. About Arsenal, despite losing 2-0 in the first leg but yes, I am personally still quite confident Arsenal are also able to make a comeback in the second leg later although indeed, of course it will be very difficult to beat Newcastle with an aggregate of two goals like that. But about Liverpool, because they only lost with a thin score of 1-0, then of course Liverpool still have a very big chance to beat Tottenham in the second leg later.
Each team still has a chance to win in the second leg unless the goal deficit no longer makes sense to pursue. I believe they can comeback in the second leg, also I believe that the team that already holds the advantage can also maintain its advantage and win a ticket to the next round. It all depends on how they play in the second leg, and anything is still possible.
If Arsenal and Liverpool met in the final, then it would be a big match worth waiting for, but it would also be great if Newcastle vs Tottenham were in the final. This means that not all finals have to be played by a team that has won the title quite often, while Newcastle and Tottenham can also win it. It's just that these two teams are not favorites considering that many of us believe Liverpool and Arsenal are better.