Do we want to be at a whim of the super-rich owner who is used to rule as a dictator?
Glazers, with all their flaws, still uphold to certain westernized rules, they wouldn't do anything deliberate to damage their key asset, while a mighty ruler of a big country could use our club as a bargaining chip if he's ever in any kind of trade war with the UK. We're a big brand, him holding us ransom could be a ploy in some kind of a game of chicken with British government if Saudis ever go rogue and spite US and UK in some way.
So no, I am not in favor of it in spite of Saudi riches. Also, I can't say I ever felt the lack of money was our problem. There was a few times when I felt we should have invested more, but never a continuing frustration with the lack of spending such as Arsenal fans whine about.