He spent tons of money to make this team though. But we might say that the whole league spends tons of money, so we can't hold that against him.
I wouldn't call it (yet) impressive. If they are still top in March, or win the league I'd call it that. They always fold by that period and fight for 4-5th place.
They haven't been this dominant in a while tho.
What makes them look a lot better than before
1. Arteta bringing the old Arsenal philosophy of playing the same against all teams together with the model of overloading the frontline from Pep's City. This took some time, they were already trying to do this last season, but lacked all the right pieces (some players not really fitting and most of them left the club in the last two transfer windows)
2. really great scouting and GM work, they are not overspending like United are, but building a team for the long haul (Partey next to Xhaka makes Xhaka a b2b and he is really underrated in attack, Tomiyasu and White ARE AMAZING, Saliba came back). Sure. most of their good transfers are 30mil+, but compare that to Correa, Joao Mario and Nainggolan ---> these are more like what Barella and Skriniar transfers are for us.
3. Ramsdale and Odegaard are already in world class form, my personal opinion - it's clear they haven't had this good gk in a while and this good midfielder ever since Cazorla left (yeah, I'd even say he is already a better overall player than Ozil was for Arsenal). Odegaard is like two players in one - like United's Casemiro and Eriksen put together - he puts so much work in defence, and yet, he is always present in attack. I'd say he is the next Modrić, that's the best comparison. I'm surprised Real Madrid doesn't want him back.