Arsenal are dominating Man City thus far. Donnarumma has been surprisingly dodgy, but Arsenal have had the upper hand pretty much across the pitch. Of course, it's worth pointing out that the winner of the Community Shield usually fails to win the league in the same season....take out Fergie's record in the competition and this match is almost a barometer for who will NOT win the league.
With that being said, who else in the league really looks like a strong challenger for Arsenal? I would never rule Man City out, even post-Pep (for all we know Haaland might score 40 goals this season) but none of Liverpool, Man Utd, Chelsea look like a big threat...though with Chelsea I suppose you never know. And after that you're looking at Villa, Bournemouth, Sunderland, Brighton as the best of the rest from last season. This could be a big opportunity for Arsenal.
Ferguson left behind a Man Utd squad that needed a total rebuild. By contrast this Man City squad is fundamentally sound, so I doubt post-Pep Man City will suffer the way Manchester United have after Ferguson. As long as the government that owns them keeps the financial taps open. They had an average season last year and nearly beat Arsenal to the title.