From the number of matches that are still quite a lot for all teams in the Premier League, of course Arsenal's chances of being able to catch up with Liverpool's points are still very open even though Arsenal must hope that Liverpool can make more mistakes in their important matches so that Liverpool does not get full points in the next few matches. Because catching up with the strongest team like Liverpool in the Premier League is not easy for Arsenal even though the distance is only seven points, but there is certainly still hope for Arsenal, especially with the return of Bokayo Saka to Arsenal's front line.
I think the chances are small because even though there are still quite a lot of matches, Arsenal often experiences a decline in performance entering the end of the season so that catching up with Liverpool's points will be much more difficult. If Liverpool make mistakes or lose in the next few matches, will Arsenal be able to win all the remaining matches? This also cannot be guaranteed so that Liverpool's chances of getting the trophy are still quite large.
Seriously. I’m still laughing at people who think Arsenal will win the Premier League trophy this season. We have seen many seasons where Arsenal goes to their best performance and still fails at the end of the season, and that is why even this season I didn’t see any sign that they will get the trophy. Moreover, Liverpool is not showing any sign of weakness in this competition at the moment, so Liverpool still has the highest chance to win the Premier League title this season.
As you said, Arsenal is already known for declining in performance at the end of the season, and I’m still expecting that this season.