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.
Like always, Arsenal has already lost the Premier League; the current season has ended, and we will have to wait until the next season to see how they can assist another team in winning the trophy again. If Manchester City was already behind Liverpool with games remaining in the season, I might say that they have a chance to reduce the point differential, but I do not believe that Arsenal will be able to defeat Manchester United in their next match.
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.
I am not confident in Arsenal's strength to continue to hold the second place throughout the season because there are few games left and they don't have any attacking players to rely on. How sure are you that Arsenal can maintain second place when they are six points ahead of Nottingham Forest and seven points in front of Manchester City? We can't assume that Arsenal will finish in their current position since they still have games left in the season. They must perform at their highest level or they could be dropped from the second position.