Yes, Arteta was appointed as Arsenal's coach since 22 Dec 2019 and his contract ends until 30 June 2027, not to mention if there is a contract extension. So yes, Arteta already understands Arsenal's characteristics and needs very well. It's just that, unfortunately, Arsenal has only won a few trophies with Arteta, but Arsenal still keeps this coach.
I guess Arsenal will get a contract extension. Even if Arteta still can't win EPL trophy wtih Arsenal, he is quite successful in managing Arsenal. At least, Arteta almost won the EPL trophy several times. In the last 3 seasons, Arsenal always stays in the 2nd place in EPL standings. It indicates a big progress for Arsenal performance, Arteta deserves to get appreciation. In addition, Arteta even won a trophy of FA Cup and English Super Cup with Arsenal. I think Arsenal board feel quite satisfied with Arteta.
Indeed, there are some rumors related to Arteta who might be sacked by Arsenal because he failed to secure the trophy again, but, it seems, it is not official and is still a rumor. While Arsenal's performance without all its limitations is actually still quite good in the EPL, it's just that, the competition in the EPL is very tight, especially in the UCL. The important thing is that Arsenal is now in 2nd place, when their former rival, Man City dropped to 4th position, but Arsenal is at least still in second place.
But unfortunately, in the match against Everton this time, Arsenal has not been able to be optimal and finally secured only 1 point because it only drew 1 - 1. This is quite disappointing, especially since they have strong dominance.