It's interesting. I don't think there has been a better axis than Cazorla - Ozil - Sanchez. These guys succeeded where the other sides failed and actually won trophies and they also recorded our joint best league finish since the Invincibles. The problem was Olivier Giroud. I mean he would have been great if he was an alternative like Nketiah today, but as the starting striker...then again, Jesus might never outscore him.
The Fabregas-Hleb-Rosicky axis competed against some of the best teams in PL history. Chelsea, Pool and United all had exceptional teams at the time, but our record against them wasn't good. However, we did produce arguably our best CL performance to date against Milan. Although, Wilshere-Fabregas-van Persie would contest that previous statement and claim they did when beating Barcelona.
I agree that a lot of those sides had flaws that our current team doesn't. White and Ramsdale would be our weakest links if I had to nit pick. I feel similarly for this team like I did for the Invincibles in that I am not keen to upgrade on a single player.
In terms of tactical structures and pure dominance, Arteta's sides are much better than Wenger's without a doubt but that's largely due to the knowledge that Arteta inherited from Pep, who is annoyingly the GOAT.