I feel that Arsenal has a better chance of entering the finals despite that PSG is a big and rich club, winning the titles in Ligue 1, with no rival. PSG was kicked out in the semifinals by Madrid last season when Mbappe was with them. Currently, they ain't as strong as then which gives Arsenal a better opportunity to take advantage of them and qualify to the finals. However, is Arsenal prepared for this and have that strong winning mentality.
Arsenal so far in my opinion is the team that has shown the most potential, they finished in the top four in the big group and were only defeated by inter. I think they could reach the final, PSG is a strong team but not unbeatable. It would be nice to see Arsenal vs Inter in the final for me