The hype stems from having the pl player of the year, the La Liga player of the year, the bundesliga golden Boot winner, Rice and Saka both having good seasons helping to push Arsenal towards legitimate title contenders, and a whole rash of players scoring 15+ prem goals in the squad.
Of course, the defense is so fragile looking to me that it may not matter how great a talent is in theory with us this year, and as the likes of England in 04-08 era and Belgium more recently, doesn't mean you will win anything.