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We can't blame Arteta, he did very well but Liverpool also did the same thing so there must be a winner among the best teams well for this season it belongs to Liverpool. On the other hand we cannot ignore Arsenal's achievements in the Champions League even though they were kicked out but they were able to beat Real Madrid, yeah being in the semi-finals is a good record. Arsenal's weakness this season is that they have drawn more games, just imagine out of 36 matches 14 draw and only won 18 meaning they missed 28 points, from here we can judge that they need a new striker to break the deadlock of each match.
I don't think there is anything wrong with Arteta's approach to Arsenal, but in most cases, you will probably find that Arsenal are a team that is not good enough mentally and they continue to experience it from season to season. When they are favorites to win the title, their performance is getting worse towards the end of the season. Arsenal were runners up twice when Manchester City won the title, but Manchester City's performance this season is very bad, it was Liverpool who won the title.
This season Arsenal are not as productive as the previous 2 seasons in scoring goals. Arsenal have only managed to score 66 goals in 36 games so far, while they scored 91 goals last season. Arsenal must be mentally strong if they want to win the title, not just good performance. That is a difficult thing to form, but not impossible.