I think Xhaka was important to the squad for where it was at last summer. He's quite a good player, by all accounts he trains with the sort of professionalism and intentsity that exemplifies what Arteta is demanding, and he is very clearly an organiser and leader on the pitch and I'm sure in the dressing room.
If he wanted to leave and a decent offer was the on the table and/or a better player was available last summer, I think we would have still sold, despite all the good things I've just said about him. Though I think it would have been very hard for Arsenal at that point to sign a significantly better player or a similarly good player that also brought all of those leadership qualities.
I think in hindsight, with the squad turnover, the dearth of experience throughout the squad, and the average age of the players that were bought in - keeping Xhaka was a smart move.
This summer it's a different story. We have Ramsdale, White, Gabriel, Tierney, Partey, Ødegaard, even Smith Rowe, Saka and Martinelli, that have emerged as big players in this squad, leaders in their own ways and to varying degrees. A culture has also been established in terms of training standards, minimum fitness levels and effort levels on the pitch - we don't necessarily need what Xhaka brings. And we're also a much more attractive option for very good players, those that are a step up from Xhaka.