I agree, Arsenal looks like the only top club that has significantly improved from last season. Liverpool have dropped a lot (so far), Tottenham/Chelsea/United roughly similar to last season. Chelsea and United dealing with new managers too, though it seems United's "transition" has been going on for years. City look just as strong as last season, perhaps stronger now with that beast up front. Watching them play and annihilate teams so often, I don't know how we're are above them sometimes.
We bottled top 4 last season for 2 main reasons IMO - Parteys injury and not replacing Auba. We've fixed the latter (though we'll see if Nketiah will be enough backup, I feel prob not) but we still have a huge gap between Partey/Xhaka and our other CM options. Elneny is decent backup but we need to upgrade, and he's out injured anyway of course. Jury is out on Lokonga - I see why Arteta's kept him on but he still seems a bit too lightweight for me.