It's not Arteta's fault that Arsenal's board have refused to release funds so he'll sign players on time, even Zubimendi that just recently got signed was done installmentally so you can see that it's beyond Arteta's power the least he can do is give reports to the board members concerning the players he think would help him achieve a trophy and hope that they grant him his requirements but if they fail to do that and the window ends then Arteta would have to option but to work with what he's got. Arsenal is really in desperate need of a good profile striker and either Gyokeres or Sesko would suit that position maybe he should try and mount pressure on the board so they'll be quick to sign either of them for the club else the blame would still be on Arteta if they fail to win a trophy this season, although we know he's really doing the best he can for the club.
In fact many teams in different leagues lowered the budget offered for recruiting new players and limited themselves in players with reasonable release clause or free agents.
Xabi Alonso is facing the same thing with Real Madrid which has an important budget and refused to satisfy coaches demands. Same goes for gunners. The owners and management of the club know very well that they risk not reaching the final game in UEFA competitions and might not be first in the ranking by the end of the season but they keep wanting to risk it all.