Agree Arsenal have no shame in finishing 2nd. Heck there are 18 teams in the league who would swap with them gladly!I would not say they've 'blown it.' That would be true if it were a remotely fair fight, but it wasn't. Arsenal got into a league-leading position by overperforming for long stretches of the season. By contrast, Man City rarely need to overperform or even be 100% in order to win matches or titles. They are so stacked in terms of talent and depth that, in most seasons, they can win the league even when only operating at 80% capacity. Their 'rivals' all have smaller, less-talented squads. In late season matches when teams often have to play 2-3 bench players in key positions due to injuries or to manage player minutes, Man City can still put out a first XI of all elite players with no weak spots. Who else can do that?
Liverpool in 2020 were arguably a more talented, deeper squad than Arsenal are this year and they still had to overperform in order to win the title. It's disappointing that Arsenal failed to finish ahead of Man City but there's no shame in that. Man City had a big advantage from day 1. Arsenal are still arguably overperforming by finishing second, so while it may be cold comfort to Gunners fans looking for a title, they've done very well.
Having the most money though does not guarantee success. Otherwise Chelsea would be second. It takes a good manager as well. Pep is certainly doing a much better job than many others who have had a big cheque book.