With the Gunners suffering an abject 2-0 defeat to Newcastle in the Carabao Cup semi-finals, this campaign feels like the first backward step during Arteta's tenure.
Newcastle physically bullied Arsenal off the park in the second leg on Wednesday night. The contest was nothing less than men against boys, as Eddie Howe's side overpowered the Gunners in every department.
Losing a two-legged cup semi-final 4-0 is embarrassing whichever way you want to look at it, and failing to score a single goal sums up Arsenal's woes.
But while Arsenal were unable to deal with a ferociously hungry Newcastle team and their fans in the second leg, the first leg was a match of missed chances. That is where the tie was really lost.
And perhaps the real difference maker was the irresistible Alexander Isak.
At the Emirates, Arsenal were guilty of missing several massive opportunities, while Newcastle were clinical in front of goal, with the Swedish striker scoring the opener and playing a massive role in their second.
The game on Wednesday saw Isak dismantle one of the best centre-back partnerships in Europe in Gabriel and William Saliba, with the latter having one of his worst matches in an Arsenal shirt.
In total contrast, Arsenal's number nine Kai Havertz missed a free header in the first leg, which was totally inexcusable. In the reverse fixture, he was dire and just too soft leading the line.
Ultimately, that is what it boils down to. Isak is a man in the form of his career; performing at a world-class standard, he has 14 goals in his last 14 games in all competitions. His all-round game is also magnificent, bullying defenders and impacting the game even when he hasn't scored. He's arguably the most in-form centre forward in the world. A special talent.
In Havertz, Arsenal have a £65 million signing that has just too often proven to be more hindrance than help in the biggest moments.
Arteta had initially signed the former Chelsea man in the summer of 2023 to play in midfield, taking the place of Granit Xhaka, who left for Bayer Leverkusen. He was made the highest-paid player at the club, but the experiment went pear-shaped quickly, as it was clear he couldn't play in the middle of the park.
As a result, he was moved up front, and Arsenal's form in the second half of last season improved with Havertz contributing.
He is a decent player, no doubt. He has qualities which have obviously stood out to managers like Thomas Tuchel, Arteta and Julian Nagelsmann.
He works incredibly hard, leading the press from the front and constantly makes himself a nuisance with his tenaciousness and height. So he does certainly offer something.
However, ultimately, on the ball, he isn't good enough and his finishing is - to put it politely - poor. In games this season, some of his misses have cost Arsenal big time. That previously mentioned golden opportunity against Newcastle in the cup as well as a barely believable missed chance in the FA Cup third-round defeat to Manchester United spring to mind.
Even in the latter stages of the title race last season, Arsenal dropped careless points at home to Aston Villa, with several massive opportunities wasted.
Isak is the example I have used in this piece. But with any clinical striker, would it be far-fetched to say that Arsenal would still be in the FA Cup, would be Carabao Cup finalists, and may have even won the Premier League last season?
Of course, that is not to say that there haven't been other factors. Silly red cards, injuries, as well as other important players not stepping up in recent months, including the likes of Martin Odegaard and Gabriel Martinelli, can be pointed to.
But everyone knows how important having a top-class number nine is if you want to win the big trophies. It is, arguably, the most difficult outfield position on the pitch to play and is usually where matches are won and lost. An overpriced £65 million player who was initially signed to play in midfield just won't cut it.
Havertz is Arsenal's top scorer with nine league goals this season. That is just not good enough when you see the likes of Mohamed Salah (21), Erling Haaland (19) and Isak (17) at the top of Golden Boot standings. This is the level required to lead the best league in the world.
Despite Havertz's shortcomings, the blame has to go to Mikel Arteta. In fact, you can have a look at his squad construction in general and be a little taken aback by his lack of attacking acquisitions.
Since his appointment in 2019, Arteta has signed just five forward players: Willian, Marquinhos, Gabriel Jesus, Leandro Trossard and Raheem Sterling. Six if you want to include Havertz. That makes for dismal reading.
31 signings made, around £600 million spent, and only six forwards signed. And they haven't exactly been awe-inspiring attackers either.
Let's go back to the past summer for a moment. Everybody was crying out for Arsenal to sign a striker or a marquee forward player of some sort. It was the obvious weakness in the team. There was a glaring lack of quality in the front line, which was even more apparent in their Champions League quarter-final defeat to Bayern Munich.
Instead, Arteta bought in a versatile defender for around £35 million and a midfielder more known for his combative attributes for around £30 million.
Months on, Riccardo Calafiori has barely played due to injuries, with sensational academy star Myles Lewis-Skelly making the left-back position his own recently. Meanwhile, Mikel Merino has struggled to adapt to the Premier League and has been reduced to a bit-part role.
Those funds could and should have been allocated to the more pressing need of a No. 9. Benjamin Sesko was reportedly close to a move to Arsenal before changing his mind, but that was right at the start of the window - there was plenty of time to find someone else. There is no excuse.
Sterling was then signed on loan on deadline day, and he has barely featured. Constantly neglecting attacking signings is beginning to severely cost Arsenal.
Maybe Arteta just doesn't have a good eye for players in that region of the pitch. Or maybe, he has become scarred after throwing away a healthy lead at the top of the Premier League in the 2022/23 campaign and is now obsessed with making his team physical and powerful and more focused on defending.
It hasn't been a wasted focus, as Arsenal have become the best defensive team in the Premier League and seem to have the defensive foundations to win the title. But he has totally forgotten about the other end of the pitch.
To be clear though, I'm not advocating for Arteta to be sacked. That shouldn't currently be on the agenda for the higher-ups at Arsenal at all.
The Spaniard has more than enough credit in the bank for the great work he has done since arriving through the doors. The club were in turmoil prior to his appointment. The fans were feeling disconnected from the team and the culture within was a mess.
Arteta turned the ship around, moulding a side to his image, bringing the fans back on board and making them fall in love with their club again. He made it very clear that 100% effort was required or there was no place for you at Arsenal - as seen with Mesut Ozil and Pierre Emerick-Aubameyang.
A serious coach, he at first made Arsenal a thrilling team to watch, before morphing them into a more solid and defensively powerful outfit - despite clearly lacking in a little bit of cutting-edge and offensive impetus.
Last campaign, they hit 89 points - their second-highest tally in a Premier League season. A remarkable achievement, but it didn't prove to be quite enough.
Arsenal hadn't been consistent serious title contenders for over 15 years, but now they are in a position where they go into seasons with the expectation of winning the title. Perhaps, this is where the next issue is.
Arsenal were the most well-placed team to capitalise on a season where Manchester City were not at their best. They were well-poised to be champions next. But instead, during a campaign where City have indeed fallen away, the Gunners have let Liverpool leapfrog them.
Sitting in second, six points behind Arne Slot's men having played a game more, they will need a Liverpool collapse if they want to catch them.
The Reds are a fine side and undoubtedly now the best in England. But they are not an outfit in the ilk of Manchester City and Liverpool teams in recent years. How has Arteta let Slot and Liverpool overtake them in his first season?
Well, it boils down to a shocking summer transfer window and Arteta not getting his priorities right.
Realistically, this Arsenal team are nowhere near good enough to win the Champions League. Of course, it is a cup competition. Weirder things have happened. But in all likelihood, in Arteta's fifth full season as manager, the Gunners are going to go trophyless once more.
An FA Cup win months after his appointment in the middle of the 2019/20 season remains his sole piece of major silverware. And no, the Community Shield doesn't count. What's more, that was not with the team he built and that is long in the rearview mirror now.
He has spent huge sums of money since then. Yet this season feels like the first big, backward step of his tenure.
City will unquestionably be back next season. You can be sure that Pep Guardiola will rebuild his side and make them competitive again. So fans will be kicking themselves at the missed opportunity that has presented itself in recent months.
However, Arteta cannot mourn. The summer will prove to be pivotal and surely, bolstering the front line must take centre stage. An elite striker could help get them over the line next season.
Arteta helped Arsenal fans dream again. He has restored the belief in their team and created a side they can be proud of. But now, in his very first managerial job, he is heading towards a major crossroads.
His Arsenal tenure is set to be defined by what comes next. Will he be remembered as a special manager who brought glory back to the club? Or just a very good manager who was unable to help them cross that final frontier?