I think that from my perspective it's not necessarily risk averse but he's not focused on creating an attacking team and using the players to maximize that.
He's focused on the structure of the team and for him if Auba isn't being set up chances that's not important because playing that way will inevitably create the opportunities for the team to convert. The difficulty with that is it usual requires high quality players throughout the side to take advantage which I'm not convinced Arsenal are likely to have.
Also playing this way attacking chances are built in as an indirect result of how you play rather then directly trying to create the conditions for an attacking team.
Like with Chelsea with Hazard make sure he's on the ball and provide the support that he gets it in the right areas and the weakness of the rest of your side is less crucial when you have that quality.
I just don't believe Arsenal will have the quality of player to be able to execute the way Arteta is trying to play so the actual way we setup is likely to cause problems.