That's right. And Newcastle was able to take advantage of it which played a significant role in their victory in the fa cup finals. That said, there are still 27 points up for grabs with 9 matches left in the season. While Arsenal can theoretically win all their matches it's unlikely they will overtake Liverpool who are in a strong position to lift the Premier League throphy. With their consistency, Liverpool remains the favourite, especially given their ability to grind out results in crucial moments.
Arsenal can not overtake a first position from Liverpool and their main task in remaining matches is securing their second position. They have more important matches in Champions League with Real Madrid and surely those matches are very difficult for Arsenal. They are weaker than Real Madrid but in quarter final phase, with knock out format, it worths to try with as best as they can. Winning against Real Madrid and going to semi final phase will be very helpful for Arsenal financially.
Newcastle United are on the rise, in Premier League they are participating in a top four competition with many clubs and belong to one of best candidates for a last position in top four. If Premier League get 5 slots for Champions League next season, Newcastle United will have an easier task, taking a fifth position and it will be enough for them.