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.
Of course a draw would have been more sensible now then when Liverpool comes to Emirates stadium they should try to win then at least they can have more chances of winning the title if they can try not to lose against the big teams. There is still time to redeem themselves if they win fairly against other big teams and hope others drop points too.
They can't totally avoid dropping points but they can minimize it if they try not to lose matches against title contenders. There is still time because this is just the start of the season, they did well but nothing can be done in such set piece situations, it was a good free kick from Szobozlai. The competition this season is too much and I think there is a lot of work to be done if Arsenal wants to win the title.