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.
They didn't play badly against Liverpool, but they struggled to find the back of the net. They had almost no shots on target, only one. Liverpool, however, capitalized on the home team advantage and managed to win the match. Arsenal, thinking this defeat was acceptable, must prepare for each match as if it were a final to avoid losing any other matches. They've spent a lot of money to win this year's title.