I believe Arsenal will still beat the odds in other games ahead and make this season worth the while much more than they had last season.
But it's not more valuable than a runner up position. What I mean is, the first meeting between Liverpool and Arsenal already showed Arsenal's failure to at least avoid dropping points. This defeat has reduced their chances of winning the title at the end of the season. Overall, I believe Arsenal can still finish the rest of their matches well, but Arteta's squad has already dropped crucial points against a direct rival. So I can say for sure, Arsenal have failed once again this season.
There's still one more meeting between them, so Arsenal still has a chance for revenge. With that goal, Arsenal still has a chance to win the title, but to get there, they need to collect as many points as possible. From their match against Liverpool today, they only need to improve small details of their squad to ensure a smooth journey.