Arsenal is a strange team in general, when I make a money bet on Real, Bayern, Liverpool etc. I easily increase the risk (I take a handicap of -1 or -2), but when I choose Arsenal even Double Chance looks unreliable. They seem to have a decent goal difference and statistically they are not that bad, but apparently a few bad bets at the start of the season finally convinced me that they cannot be trusted.
Plus the image of losers and eternal second place does its job.
They don't score that many goals lately, so it's better to keep away from those Handicap bets. They were already struggling before Saka and Kai Havertz got injured (they even got name Corner Kick FC at one point) and once the duo did get injured, it would only become worse for Arsenal in front of goal!
I would completely keep away from Arsenal Matches and instead risk with the likes of Nottingham Forest or Aston Villa or Real Betis in Spain

But they were still somewhat dangerous when Saka and Havertz were still playing, but without those two players their best scorers are missing. There is hardly any team that could compensate for their two best scorers. It is for Arsenal as if Real Madrid would lose Mbappe and Vinicius Junior. I am not comparing the players themselves now, but the function they have within their teams.
This season Arsenal was hit pretty badly by player injuries and I am aware of the criticism that Arsenal is getting, but to be honest it's tough to compete with top teams like Liverpool when so many important players are injured. One important part of a good season is to get through it without having to suffer from too many injuries.