It's common for Arsenal to end the season without a trophy so I don't think anyone cares anymore about it because they've experienced it in previous seasons
And for the possibility of Arsenal being eliminated in the semifinals of the Champions League this season is quite big now even though in terms of Agg they are only 1 goal behind but the second leg later they have to play at PSG's home which makes it even more difficult for Arsenal to turn things around so I don't expect much more for Arsenal and it is indeed appropriate for Arsenal to continue to improve their team so that they deserve to be champions especially the mentality and consistency of this team which is quite bad which makes them always lose in the competition towards the end of the season.
Arsenal still have a second leg semi final in Paris and if they could beat Real Madrid at Bernabeu stadium, they are able to do this in Paris against PSG. I know different situations between a match in Bernabeu and a coming match in Parc de Princes stadium but with only one goal disadvantage, Arsenal won't have too tough task in Paris.
They need to win, even only minimal win will be enough for them to bring PSG to extra half, and after that the match will be restarted with both clubs are at the same line. It's easier than if Arsenal must win with two or three goal difference in Paris, but surely winning in a home away stadium is a difficult task for any team.
No guarantee that Arsenal will win UEFA Champions League trophy if they go there, but they will try to have a second final match in their club history, and they will join it and aim at a win and a trophy. First and most important now, they must go to Paris and beat PSG before thinking of a final match and the trophy.