Well, for a Premier League team, where it's considered, even though it's the strongest league and the highest level, it's not bad. Arsenal's bad thing is their lack of consistency , The fact that they beat Madrid in the UCL was when they used up all their gas From then on, they lost everything, something similar to what happened to Inter when they eliminated Barcelona. That's as far as they went.
Arsenal can always shine when they manage to win more often;otherwise, they'll remain second-place.
Arsenal are a strong team, but they have failed to reach the top due to lack of consistency. Their biggest problem last season was their attack. They failed to score goals regularly and many matches ended in draws. I think if their attack had been a little stronger, they would not have drawn 14 matches and they would have even surpassed Liverpool in terms of points. Maybe in the coming season we will see Arsenal being more aggressive and they will emphasize more on being consistent.