The Premier League trophy this season is indeed closer for Liverpool because the efforts made by Liverpool this season have been extraordinary and deserve more praise. In addition, the EFL Cup trophy is also closer to Liverpool because the team is already in the final of the EFL Cup this season, while for the UCL trophy it is still uncertain because there are still more matches to be passed by Liverpool. And for Arsenal it seems that the team must make a better effort next season in the Premier League and also in the UCL even though this season Arsenal is also in the last 16.
Liverpool are favourite for all the competition that they're still in as they're not slowing down but playing very well and defeating every club that they come across. I can't remember last time that I saw Liverpool losing and they're also scoring good goals in all their games. The premier league is theirs already as no club can challenge them. Arsenal that was trying, has just lost the race and can now only try to stay in the top 4 as other clubs are also trying their best to stay consistent in the top 4 position. For the champions league, it'll be very hard for Liverpool as some other stronger clubs are still participating in the champions eague with hopes of winning.
Liverpool has been performing since the beginning of the season and no other team in the Premier League has been able to perform as well as Liverpool, so naturally Liverpool is a favorite team in the Premier League this season and Liverpool has a high chance of winning the Premier League title this season. Even if Arsenal or other teams are in the second and third positions of the points table, there is no chance to expect much from the performance of these teams because Arsenal is already many points behind Liverpool, so they cannot suddenly reduce their points gap so much.
For this Premier League season, you can already consider Liverpool as the champion and you can consider Arsenal as the second position, but there will be a competition between several teams in the Premier League for the third and fourth positions in the points table.