They seem to be tactically better, and less naive than before. That's down to the manager. So you would have to say they are on the right path.
With that said, outside of a few good to great players, they just don't have the quality or squad to be up in the top 4. If they were to lose Aubamayang for any length of time they would drop a significant amount of points.
I expect they will finish around 5th. Liverpool, City, Chelsea will make the top 3. If things go their way, they can push for 4th. I just look at Spurs, Arsenal and United and its a battle of firepower between them. Spurs and United have their goals spread out more between players. That will be decisive over this season that will be full of injuries and rotation.
If they manage to keep Aubamayang fit all season, they will have a great shout at 4th though. He is so crucial to their chances. We have been labeled a one man team many times pre-Klopp, but I don't feel we have ever been as reliant on one player as Arsenal with Aubamayang.