I think he's basically done a good job because he's gotten the core players at the club in good situations where they're doing well, but if I was Edu/Arsenal I'd be very tempted to be ruthless and fire him and hire Potter before someone else does, because I don't think they control games well enough, and their goal difference shows they're lucky to even still have a shot at 4th.
They're in a decent situation though, considering they can fairly easily upgrade at fullback (Soares and Tavares could easily be on a team getting relegated, though Tavares might have potential to become decent) at CM (a full season of Elneny and Sambi Lokonga, who again might be decent but isn't yet) and Saliba apparently is already quite a CB.
Honestly, considering Partey has only started 23 times and the other 53 CM games (they play 4-2-3-1 obviously) are Xhaka, Sambi Lokonga and Elneny and you can't really expect Arteta to have done any better, but Arsenal is a big big job, so if he's like the 10th best manager in the league, it's still too big a job for him at the moment.