Arsenal is playing well now but I also do not think they can catch up to Liverpool who is 12 points ahead. To catch up Arsenal would need to win every game left which is little impossible. They still have to play tough teams like Liverpool and Newcastle and they are also playing in Champions League which will make players tired. With all these games it is hard for Arsenal to play their best. So it looks like Liverpool will probably win league this season. They have big lead and do not have as many games to play since they are out of Champions League. Maybe Arsenal will come in second which would still be good finish.
Arsenal's performance has indeed increased, but it is true that I think it will be difficult for Arsenal to surpass Liverpool's points, which are currently far different from Arsenal's, and it is certainly not easy for Arsenal to consistently win in the upcoming matches because sometimes a match always ends in a draw or a loss. And of course Liverpool will not allow themselves to lose in the upcoming matches. You are absolutely right because Arsenal's current schedule is busier than Liverpool's, which will certainly make Arsenal players potentially tired, which is certainly different from Liverpool's match schedule, which is only focused on the EPL. It is true that this season is a lucky season for Liverpool and I think Liverpool will win the title and of course Arsenal must be satisfied with just getting 2nd place. But of course getting 2nd place is not a bad thing. But honestly, I am also amazed by Arsenal because until now Arsenal has not lost in the UCL and this is a good achievement.